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By Grant Smith and Salma El Wardany
Key OPEC+ members are likely to stick with a plan to keep crude production quotas steady next month when they meet this weekend, delegates said.
A sub-group led by Saudi Arabia and Russia this month nominally completed the return of output halted back in 2023, though the Iran war has prevented Middle East nations from implementing the hikes in practice.
They already have a provisional agreement to hold off on returning another layer of idled supplies until at the least the beginning of next year, and are unlikely to discuss any other approach during a monthly video conference on Sunday, two delegates said. They asked not to be identified discussing internal matters.
Moving onto their next and final tranche, shuttered back in 2022, would in any case be complicated even without the war-time disruption, as few countries besides Saudi Arabia are technically able to restore output to those previous levels. Many have suffered capacity deterioration in the meantime due to under-investment, sanctions or other glitches.
Saudi Arabia’s Energy Ministry didn’t respond to requests for comment.
Separately, Russia’s Deputy Prime Minister Alexander Novak said he doesn’t expect OPEC+ to discuss reducing the group’s production quotas on Sunday. He said demand is recovering, and the group will discuss the market situation and compliance with OPEC+ limits, Interfax cited him as saying in Vladivostock
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