Iraq, OPEC+ members agree to keep oil production unchanged

Baghdad (IraqiNews.com) – The OPEC+ alliance decided in principle to maintain oil output objectives unchanged during a meeting on Sunday, according to Reuters.

The meeting included seven key OPEC+ members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—and took place as Gulf states work to boost exports following months of turmoil caused by the US war against Iran; however, most producers are still pumping much below their goal quotas.

The OPEC+ alliance had raised its production targets for most of the year before deciding to keep them unchanged in October, after completing the phasing out of voluntary cuts, which totaled approximately 1.65 million barrels per day that began in 2023.

OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia.

Sources indicated that a review by OPEC+, intended to establish oil production quotas for member states for 2027, has been postponed.

This delay is attributed to the disruption of capacity-expansion initiatives across the Middle East caused by the US-Israeli war on Iran, which complicates the evaluation of future production capabilities for member states.