Key oil producers from OPEC+, which will regulate their total production, will continue to quote for December unchanged at a meeting on Sunday, according to Reuters sources. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman kept production targets unchanged after completing the September cut of $1.65 million in supply cuts originally agreed to in 2023. Recently, these goals have only existed on paper as conflict in the Middle East has disrupted crude oil shipments through the Straits of Hormuz, forcing many Gulf producers to cut production in the spring. Since then, many producers have increased their production as flows through the Straits of Hormuz began to rise in August and September and have almost reached pre-war levels, with the exception of supplies from Iran. For most of the year, OPEC+ producers have been raising their monthly production quotas, and the increase in September complemented a reduction of $1.65 million. Much of this additional supply did not reach the market. Current production is wandering behind increased quotas as the conflict with Iran is disrupting Gulf exports through the Straits of Hormuz and the conflict in Ukraine has affected exports from Russia and Kazakhstan. Within the framework of OPEC+ until the end of 2026 there is another level of production reduction, covering most of the member countries. Attention now shifts to the basic production indicators for 2027, which set the procedure for calculating quotas for individual countries.

Key oil producers from OPEC+, which will regulate their total production, will continue to quote for December unchanged at a meeting on Sunday, according to Reuters sources. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman kept production targets unchanged after completing the September cut of $1.65 million in supply cuts originally agreed to in 2023. Recently, these goals have only existed on paper as conflict in the Middle East has disrupted crude oil shipments through the Straits of Hormuz, forcing many Gulf producers to cut production in the spring. Since then, many producers have increased their production as flows through the Straits of Hormuz began to rise in August and September and have almost reached pre-war levels, with the exception of supplies from Iran. For most of the year, OPEC+ producers have been raising their monthly production quotas, and the increase in September complemented a reduction of $1.65 million. Much of this additional supply did not reach the market. Current production is wandering behind increased quotas as the conflict with Iran is disrupting Gulf exports through the Straits of Hormuz and the conflict in Ukraine has affected exports from Russia and Kazakhstan. Within the framework of OPEC+ until the end of 2026 there is another level of production reduction, covering most of the member countries. Attention now shifts to the basic production indicators for 2027, which set the procedure for calculating quotas for individual countries.