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OPEC+ Seven to Maintain Current Oil Production Quotas in December

The group includes Russia, Saudi Arabia, Algeria, Kuwait, Iraq, Kazakhstan, and Oman

02 Nov, 11:28

These countries had previously imposed additional production limits under quotas agreed upon in 2023, but since September, the latest tranche of restrictions has been returned to the market.

Most Persian Gulf countries have been producing below their permitted quota levels since March due to the Middle East conflict. Russia has also failed to meet its quota because of unscheduled maintenance at oil refineries.

Earlier, Russian Deputy Prime Minister Alexander Novak stated that the issue of new quota reductions is not under consideration. Meanwhile, the oil market, as well as middle distillates, kerosene, and diesel fuel, continues to experience a significant deficit.

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