OPEC+ set to keep oil output limits unchanged at upcoming meeting
Two OPEC+ delegates say the group will likely approve the existing quota roadmap, leaving production targets steady for the next month.
According to two unnamed delegates, OPEC+ is poised to endorse its present quota roadmap at the weekend meeting, keeping production targets flat for the coming month. The coalition, dominated by Saudi Arabia and Russia, has technically completed the reversal of the 2023 supply cuts and will likely formalise the unchanged plan in November. Although oil shipments from the region are beginning to rebound after the Iran war, a substantial amount of capacity stays shut, rendering the series of quota increases mostly symbolic.
The group’s roadmap also postpones any restart of the 2022 production layer until at least year-end, as many members face deteriorated capacity from under-investment and sanctions. A review of members’ production capacity scheduled for this week will feed into policy decisions for 2027, to be discussed at a formal meeting on Nov 29.
