OPEC Plus Agrees on Crude Supply Stability

OPEC+ reached a preliminary agreement to maintain oil production targets unchanged during its meeting on Sunday, according to a representative within the alliance citing Reuters. The gathering brings together seven core OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. It coincides with Gulf nations striving to boost exports following months of disruptions caused by the war with Iran, although most producers continue pumping well below their targeted quotas. OPEC+ had raised production goals for much of the year before deciding to freeze them in October, after completing in September the gradual unwinding of voluntary cuts amounting to roughly 1.65 million barrels per day that began in 2023. The alliance comprises the Organization of the Petroleum Exporting Countries and allies including Russia. OPEC and Russian authorities have not yet responded to requests for comment. Meanwhile, knowledgeable individuals stated that an OPEC+ review intended to help determine member output quotas for 2027 has been delayed after the US-Israeli war on Iran disrupted capacity expansion projects across the Middle East, complicating the assessment of future production capabilities for member states. The alliance had previously ordered a review of output capacities for all member countries in late 2025 ahead of setting 2027 quotas, with the process scheduled for completion by the end of September 2026.