OPEC+ "freezes" oil production - Producer group postpones major decisions to 2027
OPEC+ has decided not to change its oil production policy for October, after a meeting of the group's seven main countries: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
The decision comes at an uncertain time for the oil market, as the war with Iran is affecting exports through the Strait of Hormuz. This has limited the influence OPEC+ can have on prices and global supply.
In August, the group had approved a production increase for September, gradually completing the removal of a reduction of 1.65 million barrels per day, originally set for 2023.
However, despite the approved increases, OPEC+'s real production remains significantly below the set targets, due to the impact of the war and supply constraints.
Analysts say the group's influence on the physical oil market is currently limited. OPEC+ can change its targets on paper, but it cannot guarantee that the projected quantities will be produced or reach the market.
The focus is now expected to shift to the 2027 quotas. Before setting them, member countries must review their production capacities.
Another part of the production cuts remains in force for most of the 21 countries in the group until the end of 2026.
Sources previously cited by Reuters have warned that OPEC+ could suspend production increases in the fourth quarter, while Sunday's statement did not provide details on policy beyond October. The next meeting of the seven countries is scheduled for October 4.
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