OPEC+, led by Saudi Arabia and Russia, agreed to freeze crude oil supply quotas. The adjustment will not be made in November but on January 1, 2027.
The main reason for maintaining the quotas in November is the observed gap between the figures decided on paper and actual pumping.
In this sense, the OPEC+ alliance will maintain its crude oil supply level unchanged next month, for the second consecutive period.
It is important to note that the plenary ministerial conference of all 21 members of the OPEC+ alliance is scheduled for November 30 to review the production cuts, which remain in effect until December 31 and were adopted at the end of 2 million barrels per day (mbd), totaling 2 mbd.
At the meeting, new production quotas will be set, effective January 1, 2027, “that better reflect reality, as a gap has opened between the figures on paper and actual output due to disruptions in Persian Gulf supplies caused by the wars in Iran and Yemen.”
M.Pino
With information from Notitarde and other national and international media outlets
(Reference image: Atik Sulianami on Unsplash)
Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram
