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OPEC+ holds October oil quotas unchanged as 2023 cuts unwind
Seven member countries including Saudi Arabia and Russia maintained production levels at September 6 meeting.
OPEC+ maintains September output levels for October#
OPEC+ held oil production quotas unchanged for October at a September 6 online meeting, continuing the unwinding of 1.65 million barrels per day in production cuts announced in 2023. The seven member countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, had raised output by 188,000 barrels per day in September, matching the increases for the previous three months, according to the group's statement.
The decision extends a pattern of monthly increases that began in April, when the group opted to raise production by 206,000 barrels per day for April and May after pausing increments in the first quarter. The group also increased production by 137,000 barrels per day for October, November and December from the 1.65 million barrel adjustments made three years earlier, OPEC said.
Monthly review cycle continues through year-end#
The seven OPEC+ countries will hold monthly meetings to review market conditions, with the next session scheduled for October 4, the organization stated. The meeting format follows six consecutive months of output increases as the producer group works to complete the reversal of cuts implemented in 2023.
Pricing pressure emerges in Asian crude markets#
Saudi Aramco priced its Arab Light crude for Asian buyers at a $2 per barrel discount to the Oman/Dubai benchmark for September, the widest discount since June 2020, according to Semafor. The pricing decision came ahead of the OPEC+ meeting and the next price list is expected around the time of the group's gathering. Brent crude settled at $96.28 per barrel on September 5, up 0.8 percent, while West Texas Intermediate closed at $82.44 per barrel, adding 0.2 percent, The National reported.
Sources3 sources across 3 domains
- thenationalnews.comThe NationalOPEC+ held output unchanged for October, completing unwinding of 1.65 million bpd cuts from 2023, with next meeting October 4
- semafor.comSemaforSaudi Aramco priced Arab Light crude at $2 per barrel discount to Oman/Dubai benchmark for September, widest since June 2020
- bloomberg.comBloombergMajor OPEC+ nations stuck with plan to keep oil production quotas unchanged
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