OPEC plus is sticking to current oil production quotas

Dusseldorf. Countries in the oil production association OPEC plus will not increase their production targets any further in October. A core group of seven members, including major producers Saudi Arabia and Russia, announced the retention of current quotas after an online meeting.

Since last autumn, these countries had increased their funding targets in monthly steps in order to reverse a cut from 2023. But production recently fell short of the agreed quantities due to the Iran war and the blockage of the oil transport route through the Strait of Hormuz, as data from the Organization of Petroleum Exporting Countries (OPEC) in Vienna show.

OPEC plus was created in 2016 when OPEC entered into a cooperation with a group of other important oil producers such as Russia in order to control supply and influence crude oil prices on the market. A core group has now emerged from OPEC plus, which controls production policy under the leadership of Riyadh and Moscow.

But OPEC plus has lost influence on the market. The conflict in the Middle East is currently dominating the dynamics on the raw materials markets.