OPEC+ provisionally agrees to keep oil production targets unchanged at meeting of seven key members
The alliance provisionally announced it would hold production quotas at a meeting held on Sunday, while a review of 2027 quotas was delayed after capacity-expansion projects were disrupted by the US-Israeli war on Iran.
The OPEC+ alliance provisionally agreed to keep oil production targets unchanged at a meeting held on Sunday.
Seven of OPEC+'s main members attended the meeting: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. This comes as Gulf states seek to boost exports after months of disruption caused by the conflict with Iran, but most producers are still pumping well below their target quotas.
OPEC+ had raised production targets through much of the year before deciding to fix them in October, after in September it completed the phased rollback of voluntary cuts of about 1.65 million barrels per day that it had begun in 2023.
The OPEC+ alliance includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. OPEC and Russian authorities had not yet responded to requests for comment.
Two sources familiar with the matter said the alliance's review to help set member countries' oil production quotas for 2027 was delayed after the US‑Israeli war on Iran disrupted capacity‑expansion projects across the Middle East, complicating assessments of members' future production capacity.
