OPEC+ Delayed Review Clouds 2027 Oil Quotas Amid Middle East Uncertainty

The OPEC+ group has delayed its review of production capacity for setting oil quotas in 2027. The review, which was initially due to be completed by September 30, is now expected to finish by mid-November.

The delay comes after the US-Israeli war on Iran disrupted projects aimed at expanding production capacity across the Middle East. This has created uncertainty over future output potential and will make it harder for OPEC+ to determine how much oil its members can sustainably produce.

US petroleum consultant DeGolyer and MacNaughton is assessing capacity for most OPEC+ countries, except Russia, Iran, and Venezuela, which are under US sanctions. The consultant's report is expected to be submitted to OPEC by mid-November, allowing the group to consider its findings at its next meeting in late November.

The review is politically sensitive as it will influence individual members' output allocations. Countries with lower assessed capacity may face pressure for lower quotas, while producers that have expanded capacity may seek higher allocations.