OPEC Delays Oil Capacity Review Amid Iran Conflict

OPEC's oil production capacity review has been delayed due to the ongoing conflict in Iran. The review, which is crucial for determining the 2027 production quotas of OPEC+ members, was originally scheduled to be completed by the end of September but will now likely take place by mid-November.

According to two sources familiar with the matter, projects aimed at increasing oil production capacity in some Middle Eastern countries have been disrupted by the conflict. Some OPEC+ members have also yet to submit the required data for the assessment.

The delay has added uncertainty to estimates of how much oil OPEC+ members will be able to produce in the future. The review is intended to provide an independent estimate of each member's maximum sustainable production capacity, which will serve as a reference for establishing 2027 production baselines and negotiating future quotas.