OPEC News Updates

The OPEC+ subgroup — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — will meet again on Nov. 1 to review conditions in the oil market.

Oil supplies increased by 1.16 million barrels a day in July to an average of 19.44 million barrels a day, with the three Persian Gulf nations accounting for almost all of the gains.

Abu Dhabi found workarounds for the Iran war and was free to pump more barrels after leaving the producer group.

A U.S. official estimates that oil supply through the Strait of Hormuz choke point has now reached more than 10 million barrels a day.

With the Strait of Hormuz largely closed by the Iran war and Middle East producers forced to cut output, the OPEC+ decision remains theoretical for the time being.

Output from its 11 current members dropped by 1.22 million barrels to 16.33 million a day in May, with Iran accounting for more than half of the decline.

Consultants and analysts gathered at OPEC’s Vienna headquarters for a technical meeting on June 1 warned that it will take many months to return to prewar operations.

Abu Dhabi National Oil is accelerating the construction of a pipeline that runs to the port of Fujairah on the Gulf of Oman.

The commitment from the seven countries to raise production by 188,000 barrels a day comes after a virtual meeting they held April 3.

The move has been rumored for some time as the UAE chafed under production restrictions and increasingly had frostier relations with neighboring Saudi Arabia.