Overview
- The seven leading OPEP+ members — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — agreed Sunday to keep September production levels unchanged for November.
- Brent and WTI have climbed above $100 and near $91 per barrel respectively, reflecting tighter effective supply and heightened market risk from Middle East fighting and shipping attacks.
- The OPEP+ Joint Ministerial Monitoring Committee warned that attacks on energy infrastructure and threats to the Strait of Hormuz and Red Sea reduce actual flows and increase price volatility.
- The G7 announced an immediate release of up to 100 million barrels from strategic reserves over four months with a focus on diesel to relieve near-term shortages.
- OPEP+ will reconvene on Nov. 1 for The Seven and hold a full ministerial on Nov. 30 to review remaining cuts and set production quotas for 2027, a process shaped by the gap between paper quotas and physical deliveries.