The OPEC+ alliance has reached a preliminary agreement to keep crude oil production targets unchanged during its meeting held today, Sunday, according to a delegate speaking to Reuters. The meeting brings together seven key OPEC+ members, namely Saudi Arabia, Russia,
Iraq, Kuwait, Algeria, Kazakhstan, and Oman, at a time when Gulf nations are working to increase their exports following months of disruptions caused by the war with Iran, although most producers are still pumping well below their target quotas. OPEC+
had raised output targets for most of the year before deciding to freeze them in October, after completing the phased removal of voluntary cuts amounting to about 1.65 million barrels per day that began in 2023. The alliance includes the
Organization of the Petroleum Exporting Countries and its allies, including Russia. OPEC and Russian authorities have not yet responded to requests for comment. Meanwhile, two informed sources stated that an OPEC+ review to help determine oil production quotas for member
states for 2027 has been postponed after the US-Israeli war on Iran disrupted capacity expansion projects across the Middle East, complicating the assessment of future production capabilities of member states. The OPEC+ alliance, which includes OPEC members and allies including
Russia, had ordered a review of production capacities among all member states in late 2025 prior to setting 2027 quotas, with the process to be completed by the end of September 2026.
