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OPEC delegates expect steady crude quotas to be kept next month
Delegates said Saudi Arabia and Russia are likely to ratify an unchanged roadmap for November when OPEC meets this weekend.
Key OPEC members are likely to keep crude production quotas steady for next month when they meet this weekend, according to two delegates cited by LiveMint Markets.
The delegates said countries led by Saudi Arabia and Russia, which have nominally completed the reversal of supply cuts made in 2023, are expected to ratify an existing roadmap to keep targets unchanged in November.
LiveMint Markets reported that while oil flows from the Middle East disrupted by the Iran war show signs of rebounding, millions of barrels of regional production remain shuttered, which has made recent quota target increases largely symbolic.
The report also said the sequence of agreed increases has allowed OPEC and its allies to formally unwind 2023 cutbacks, though only on paper.
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