OPEC+ Delays Review of 2027 Oil Production Capacity Amid Regional Conflict

OPEC+ has delayed its review of members' 2027 oil production capacity due to the impact of the US-Israeli war on Iran, which has disrupted expansion projects across the Middle East. The review, originally set for the end of September, is now expected to be completed by mid-November.

The delay affects several OPEC+ countries, including Iraq, which has long argued that its current quota does not account for increased capacity. Iraq's Oil Ministry has denied any plans to withdraw from OPEC, but the country's reliance on oil exports makes it vulnerable to disruptions in the region.

US consultancy DeGolyer and MacNaughton is evaluating participating countries except Russia, Iran, and Venezuela, which are under US sanctions. The findings will establish how much crude each member can sustainably produce and serve as a reference for setting 2027 production baselines.