OPEC+ quotas review delayed amid Iran war - report
An OPEC+ review to determine 2027 oil output quotas has been delayed due to the US-Israeli war on Iran, according to a Reuters report. The production capacity review, initially scheduled for completion by the end of September, has now been pushed to mid-November. OPEC+ comprises the Organization of the Petroleum Exporting Countries, Russia, and allied nations.
The conflict has hindered projects aimed at increasing production capacity in several OPEC+ countries, making it challenging to estimate future oil output potential. Some countries have yet to submit required data for the review, though the report did not specify which members. The review aims to provide an independent assessment of each member's sustained oil production potential, a key factor in negotiations over output targets.
Countries with lower assessed capacity may face pressure to accept smaller quotas, while those with expanded capacity may push for larger allocations. The United Arab Emirates left the alliance in May after seeking a higher quota to reflect its growing production capacity, and Iraq has reportedly requested a higher quota and considered leaving OPEC.
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