The OPEC+ alliance has decided to keep oil production quotas unchanged for the upcoming December, marking the third consecutive month of stability amid ongoing impacts of the war on Iran and mixed signals in the oil market. Seven countries, including
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to maintain their targeted production levels after suspending output increases that had continued for six months until August. The alliance is scheduled to hold a meeting on November 29 to
determine the production policy for 2027. Data showed that the alliance's output rose by approximately 903,000 barrels per day in September, reaching 39.068 million barrels, with a total increase of 1.36 million barrels per day over two months. Saudi Arabia
led the rise, increasing its production by 744,000 barrels per day to over 8 million barrels. These developments occur amid fluctuations in the oil market, with Brent crude futures climbing to $118 per barrel last week, while the physical market
showed signs of weakness as shipping activity through the Strait of Hormuz recovered. In a related context, the alliance lowered its forecast for global oil demand growth in 2026 for the sixth consecutive month to 200,000 barrels per day, while
raising its demand growth forecast for 2027 to 2.6 million barrels per day.
