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OPEC+ expected to maintain October oil production levels
OPEC+ is expected to maintain current oil production levels for October during its upcoming Sunday meeting. This decision follows the completion of a phase-out of a 1.65 million barrel per day supply reduction originally agreed upon in 2023.
Negotiations are expected to shift focus toward establishing production quotas and baseline capacities for 2027. Key decision-makers, including representatives from Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will participate in these discussions. Iraq has reportedly advocated for higher quotas to reflect its increased production capacity.
Market volatility remains a concern due to geopolitical tensions. Escalating hostilities between the United States and Iran, alongside the conflict in Ukraine, have raised fears of supply disruptions in the Persian Gulf and the Strait of Hormuz. Additionally, the Texas-based firm DeGolyer and MacNaughton is expected to provide a production capacity report to the group by the end of September, which may influence future quota determinations.
Entities
Algeria · DeGolyer and MacNaughton · Iraq · Kuwait · OPEC+ · Russia · Saudi Arabia · United States
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 5 SOURCES] The group has completed the phase-out of a 1.65 million barrel per day supply reduction agreed upon in 2023. nabznaft.ir · www.boursenews.ir · www.ekoturk.com · news.cnyes.com · lechodalgerie.dz
- [● 5 SOURCES] The upcoming meeting will focus on negotiating production quotas for 2027. nabznaft.ir · www.boursenews.ir · www.ekoturk.com · news.cnyes.com · lechodalgerie.dz
- [● 3 SOURCES] Iraq is advocating for higher production quotas to reflect its increased production capacity. nabznaft.ir · www.boursenews.ir · news.cnyes.com
- [● 4 SOURCES] Conflicts in Iran and Ukraine have disrupted oil exports from the Persian Gulf, Russia, and Kazakhstan. nabznaft.ir · www.boursenews.ir · www.ekoturk.com · news.cnyes.com
- [● 3 SOURCES] A separate layer of voluntary production cuts remains in place for most of the 21 members until the end of 2026. nabznaft.ir · www.boursenews.ir · news.cnyes.com
- [● 7 SOURCES] OPEC+ is expected to keep October oil production levels unchanged during its upcoming Sunday meeting. nabznaft.ir · www.boursenews.ir · www.ekoturk.com · news.cnyes.com · economymiddleeast.com · +2 more
- [● 3 SOURCES] The Texas-based firm DeGolyer and MacNaughton is expected to submit a production capacity report to OPEC by the end of September. nabznaft.ir · www.boursenews.ir · news.cnyes.com