Opec+ likely to stick with plan for steady quotas, delegates say
Nations will probably ratify their existing roadmap to keep targets unchanged in November
Delegates speaking on condition of anonymity anticipate Opec+ members will uphold their current plan to maintain crude production quotas steady during their meeting this weekend. This decision follows the completion of a supply cut reversal initiated in 2023. Saudi Arabia and Russia, the two leading nations, have ratified their existing roadmap to maintain targets unchanged in November, the delegates revealed.
They declined to be identified while discussing internal matters prior to a video conference scheduled for Sunday, October 4. Although oil flows from the Middle East, disrupted by the Iran war, are experiencing a resurgence, significant portions of regional production remain inactive. Consequently, the series of production hike targets previously agreed upon by Opec+ and its allies appear largely symbolic.
Despite these increases, the group has only formally dismantled the 2023 cutbacks on paper. The delegates have also stated that the organization intends to refrain from restarting another layer of halted production until at least the end of the year. Restarting production would be challenging as many Opec+ countries face difficulties in returning to earlier output levels due to inadequate investment, sanctions, and other disruptions.
The group's policy for 2027 is contingent upon the outcome of a capacity review completed this week and to be reviewed by oil ministers during a formal meeting on November 29.
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