Pins matching tag:Quotas

Meeting virtually on 2 November 2025, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman agreed a small 137,000 barrel-a-day increase for December, then paused further increments for January to March 2026, citing seasonality.

On 28 April 2026 the United Arab Emirates said it would leave OPEC and OPEC+ effective 1 May, ending a membership that began with Abu Dhabi in 1967; its energy minister called it "a purely policy move" aimed at strategic autonomy, announced while Hormuz was closed and Brent was above $110.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met virtually on 6 September 2026 and decided to keep September required production unchanged for October, pausing the monthly increases that followed the UAE departure.

The seven remaining OPEC+ countries hold their next monthly meeting on 4 October 2026 to decide required production for November, with Brent above $100 and Hormuz still restricting Gulf exports.

OPEC+ ministers meet on 29 November 2026 for the group's twice-yearly ministerial, its second since the UAE left, with production levels agreed through December 2026 and maximum-capacity assessments due to set 2027 baselines.