OPEC+ will not increase oil production in November

Seven OPEC+ members declined to change oil production quotas for November. The decision was made by Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman during an online meeting.

It's worth noting that these countries will produce significantly less oil than their set quotas. Due to the ongoing war in Iran, oil exports from Persian Gulf countries have declined notably in recent months, with volumes amounting to roughly 60%-80% of previous levels. In August, the seven countries together produced about 25 million barrels per day, around 5 million barrels less than the pre-war figure recorded in February.

OPEC+ had planned to gradually increase production in 2026, but this could not be carried out due to the war. At the same time, the group's members are producing about 2 million barrels per day less than they would be able to without the agreement.

The war has also delayed the assessment of member countries' actual production capacities, data needed to determine the 2027 quotas. OPEC+'s next meeting will take place on November 1, though significant changes to production rules are unlikely to be planned before next year.

Source: Reuters