Overview
- The seven leading OPEP+ members — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — agreed on Sunday to hold September production levels steady through November.
- The group’s Joint Ministerial Monitoring Committee warned that attacks on energy infrastructure and disruptions in the Strait of Hormuz and the Red Sea have reduced members’ export capacity and raised price volatility.
- Brent crude has stayed above $100 per barrel and the G7 announced an immediate, four-month release of up to 100 million barrels with an emphasis on diesel to relieve tight product markets.
- OPEP+ will reconvene as a seven-member panel on November 1 to review market conditions and hold a full ministerial plenary on November 30 to decide remaining cuts and 2027 quotas.
- The freeze follows a year of gradual rollbacks of 2023 voluntary cuts totaling about 3.85 million barrels per day and leaves a gap between formal quotas and physical output that could keep prices unstable and squeeze fuel supplies for consumers.