The seven core OPEC+ countries, including Saudi Arabia and Russia, have decided to keep their oil output policy unchanged for October amid ongoing global uncertainty. The decision comes after an increase in production by around 188-thousand barrels per day for September.
In a virtual meeting on the 30th of September, the seven core OPEC+ countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – convened to review global market conditions and outlook. Following careful consideration of various factors, they decided to maintain their oil output policy unchanged for October amid ongoing global uncertainty.
This decision follows an increase in production by approximately 188-thousand barrels per day for September, marking the completion of the rollback of a voluntary production cut of around 1.65 million barrels per day that had been introduced in April 2023.
The meeting was held against the backdrop of continuing disruptions to oil exports, such as those linked to the conflict involving Iran and disruptions around the Strait of Hormuz. These disruptions have constrained the impact of OPEC+ production decisions on global oil supplies and prices.
It is worth noting that the United Arab Emirates (UAE) had previously left the alliance in May this year, citing national interest and a commitment to contributing effectively to meeting the market’s pressing needs. Despite the UAE's departure, the remaining OPEC+ countries are expected to meet again in October to review market conditions and production levels.
The continuation of the current oil output policy could have significant implications for global oil supplies and prices, given the ongoing disruptions to oil exports and the UAE’s departure from the alliance.
Source:
Akashvani News
