The alliance members maintain supply volumes amid disruptions caused by the Middle East conflict
Oil-producing countries from the OPEC+ group intend to leave current production targets for December unchanged. The decision was made due to export instability caused by the military standoff between the USA and Iran. This was reported by Economichna Pravda citing Reuters, according to the portal PromPolitInform.
Seven key states of the alliance reached an agreement to maintain existing production volumes for the last month of the year. This strategy aligns with market expectations, according to which production policy adjustments are not planned until the beginning of the next calendar period.
Meeting format
The online meeting brought together representatives from Saudi Arabia, RF, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The discussion took place as Persian Gulf countries are attempting to increase export supplies after a long pause caused by the regional conflict.
Despite efforts to restore exports, the actual production of most participating states remains below previously set target limits. In September, the group completed the process of reversing production cuts of 1.65 million barrels per day, which had been in effect since 2023.
Prospects for 2027
OPEC+ members are currently focused on reviewing the production capacities of each country before the end of the fourth quarter. These data will form the basis for establishing baseline metrics for 2027 and defining a schedule for the gradual lifting of remaining restrictions, which total about 2 million barrels per day.
The security situation remains an additional factor influencing the market. In particular, a recent attack on an oil refinery in Saudi Arabia sparked another wave of concern among market participants regarding the stability of global energy supplies.
Photo: Economichna Pravda
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