OPEC+ Postpones Quota Review Amid Middle East Conflict
OPEC+, the alliance of oil-producing countries, has delayed its review to determine members' 2027 oil output quotas. The delay is due to the US-Israeli war on Iran, which disrupted projects to expand capacity in the Middle East. This uncertainty complicates estimates of future production potential and may affect individual member quotas.
The OPEC+ review aims to provide an updated independent assessment of each member's sustainable oil production capacity. The deadline for the review was initially set for the end of September 2026, but has now been pushed back to mid-November. The delay is expected to impact negotiations over output targets and individual quotas.
The conflict in the Middle East has delayed projects that were due to boost production capacity in some OPEC+ countries. This complicates estimates of how much oil they will be capable of pumping, which may lead to pressure for lower quotas or higher allocations depending on the country's assessed capacity.