
While OPEC+ decided to maintain its October oil production policy at its meeting on Sunday, it emphasized the condition of agreeing on new quotas for new steps.
AI-generated summary
The seven core members of OPEC+ held a meeting on Sunday to discuss production policy for October.
OPEC+ decided to continue its oil production policy for October in its current form at the meeting held on Sunday.
In the statement made by the producer group, it was stated that an agreement should be reached on new quotas in order to determine the next production steps.
The meeting of the seven core members of OPEC+, consisting of Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, was held at a time when oil exports through the Strait of Hormuz were interrupted due to the Iran war.
It is considered that the developments in the region limit the impact of OPEC+ on oil prices and market share.
AI outlook — possibilities, not facts
Agreement will be sought on new production quotas.
Likely · Within weeks

According to data from the US Energy Information Administration, after the US/Israel-Iran War, the amount of oil passing through the Strait of Hormuz dropped by 77 percent and the flow of LNG dropped by 92 percent. Experts point out that despite the flexibility of the oil infrastructure, LNG has no alternative.

TENMAK and Copenhagen Atomics have signed a cooperation agreement to utilize Turkey’s thorium resources in nuclear technologies. The work aims to use thorium in molten salt reactors.
According to the International Energy Agency's report, Türkiye experienced the fastest increase in electricity demand among IEA members in the 2005-2024 period. The report emphasized the importance of network, storage and renewable energy investments.

Turkish Energy, Nuclear and Mining Research Agency (TENMAK) and Danish Copenhagen Atomics signed a memorandum of understanding for the use of thorium in new generation small modular reactors.
Iraqi Oil Minister Basim Muhammad Hudayyir announced that his country's crude oil export capacity has exceeded 3 million barrels per day and the target is 5 million barrels. To achieve the goal, it is planned to complete the strategic lines and points in the Strait of Hormuz.

The first unit at Akkuyu Nuclear Power Plant is in the testing phase and is planned to be commissioned by the end of 2026. When the power plant is completed, it will be able to meet Istanbul's electricity alone and have enough capacity to meet 10% of Türkiye's electricity needs. More than 400 local companies are involved in the project and the settlement rate has exceeded 60%.