OPEC+ Delays Oil Output Quota Review Amid Iran War Disruptions

OPEC+, the group of oil-producing countries, has delayed its review of 2027 oil output quotas due to disruptions caused by the US-Israeli war on Iran. The conflict has affected projects aimed at increasing production capacity in the Middle East, leading to uncertainty about the oil output each country can achieve.

The OPEC+ group had planned to complete its review by late September 2026, but it is now expected to finish by mid-November 2026. This delay will allow for consideration of the US consulting firm DeGolyer and MacNaughton's report on capacity estimates for most OPEC+ members, excluding Russia, Iran, and Venezuela due to US sanctions.

The UAE and Iraq are key players in quota negotiations, as countries with lower estimated production capacity may receive lower quotas, while those with increased capacity might push for higher allocations. Accurate assessments are crucial for these negotiations, as they will significantly influence members' quotas.