OPEC+ to Maintain Crude Production Quotas Amid Iran Conflict

Members of OPEC+ are expected to maintain current crude production quotas during a monthly video conference this Sunday. While a sub-group led by Saudi Arabia and Russia nominally completed the return of output halted in 2023, the ongoing conflict in Iran has prevented Middle East nations from implementing those increases in practice.

Group members have reached a provisional agreement to delay returning further idled supplies until at least the beginning of next year. Russian Deputy Prime Minister Alexander Novak stated that the group is unlikely to discuss reducing production quotas, noting that demand is recovering. The meeting will instead focus on the current market situation and member compliance with existing limits.

Restoring output from the final tranche shuttered in 2022 remains a challenge for most members. Officials cite under-investment, sanctions, and capacity deterioration as the primary obstacles to increasing production levels.