Two delegates, who asked not to be named because the talks are internal, said members are likely to keep quotas steady at the monthly video conference on Sunday. According to them, there is already a provisional understanding to delay bringing back another slice of idled supply until at least the start of next year, and they aren't likely to consider other options at this meeting.
This month, a team chaired by Saudi Arabia and Russia officially concluded the effort to restore output that was put on hold in 2023. On the ground, Middle East producers have not been able to put those increases into effect due to the Iran war, leaving the formal plan out of sync with real barrels.
Even without wartime disruptions, moving to the next and final tranche - idled in 2022 - would be tough. Few producers other than Saudi Arabia can technically raise output back to those earlier levels, after capacity was dented by under investment, sanctions or other operational problems. Saudi Arabia's Energy Ministry did not respond to requests for comment.
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Separately, Alexander Novak indicated he does not foresee OPEC+ taking up any proposal to cut the group's production quotas on Sunday. Interfax, reporting from Vladivostock, quoted him saying that demand is recovering and that the alliance plans to assess market conditions and adherence to OPEC+ limits.
