OPEC to Stick with Steady Quotas Amid Middle East Supply Disruptions

OPEC's key members are expected to stick with their plan to maintain steady crude production quotas for next month, according to two delegates who spoke on condition of anonymity. The decision is set to be made during a video conference on Sunday.

Nations led by Saudi Arabia and Russia have nominally completed the reversal of supply cuts made in 2023, and are likely to ratify their existing roadmap to keep targets unchanged in November, the delegates said. While oil flows from the Middle East disrupted by the Iran war are showing signs of rebounding, millions of barrels of regional production remain shuttered.

The group's policy for 2027 also hinges on the outcome of a review of members' production capacity, due to be completed this week and reviewed by oil ministers when they hold a formal meeting on Nov. 29.