Overview

• The group detailed national allocations: Saudi Arabia and Russia +41 kb/d each, Iraq +18 kb/d, UAE +12 kb/d, Kuwait +10 kb/d, Kazakhstan +7 kb/d, and Algeria and Oman +4 kb/d each.
• Leaders reconciled differing priorities, with Russia pushing to defend prices through restraint and Saudi Arabia favoring larger additions to regain market share.
• The communiqué says a 1.65 mb/d tranche can be reinstated if conditions warrant, with members retaining flexibility to pause or reverse voluntary adjustments under JMMC oversight.
• Oil prices have weakened to near four-month lows and unsold Middle East cargoes are building, while the IEA projects rising inventories this quarter and a potential record surplus in 2026.
• The virtual meeting lasted nine minutes and scheduled the next session for November 2, after the secretariat publicly rejected reports of a possible 500,000 b/d increase.