Updated:
OPEC+ has delayed a review intended to help set its members’ 2027 oil output quotas, after the US-Israeli war on Iran disrupted capacity expansion projects in the Middle East, Reuters reported Friday, October 2.
The review was ordered for all members in late 2025 and was due to be completed by the end of September 2026. Two sources familiar with the matter told Reuters the deadline has slipped; one expects the assessment to be completed by mid-November. The OPEC+ group did not immediately respond to a request for comment, Reuters reported.
Capacity estimates shape quota talks
The assessment is intended to independently estimate how much oil each member can produce on a sustained basis. Those estimates inform negotiations over production targets. Delayed expansion projects have made future capacity harder to assess, while some members have not submitted the required data, the sources said, without identifying them.
Reuters reported that consultant DeGolyer and MacNaughton is assessing members other than Russia, Iran and Venezuela, which are under US sanctions. One source said the consultant’s report would not be submitted to OPEC until mid-November, potentially leaving time for the group to consider it at a meeting later that month.
The UAE left the alliance in May after seeking a higher quota, while Iraq has also sought a higher allocation and considered leaving OPEC, Reuters reported. The delayed review could affect future quota discussions, but its effect on individual allocations remains uncertain.
