OPEC keeps oil production quotas steady through end of year
Business
OPEC just decided to keep its oil production quotas steady through the end of the year.
The move comes after a virtual meeting where seven countries agreed not to change their output targets, even as tensions heat up in the Persian Gulf: think U.S.-Iran conflict and the disruption of the Strait of Hormuz disrupting crude exports.
OPEC audit to inform 2027 limits
Alongside holding quotas steady, OPEC is gearing up for a big audit of how much oil its members can actually produce.
This review wraps up by the end of September and will help set new production limits for 2027.
It will then be considered by oil ministers when the full alliance meets in late November.