OPEC+ seven and monitoring committee meet on 4 October to discuss oil market, compliance
In short
Ministers of seven OPEC+ countries and the group's ministerial monitoring committee are meeting on 4 October to discuss the oil market situation and compliance with the agreement, TASS and Interfax reported. Russian Deputy Prime Minister Alexander Novak said the agenda covers standard issues — the market situation and implementation of the deal. Interfax noted the seven countries finished returning their extra voluntary cuts to the market in September, and that Kazakhstan is pumping roughly 1 million barrels a day above its level.
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Ministers of seven OPEC+ countries and the group's ministerial monitoring committee were due to meet on 4 October to discuss the situation on the oil market and compliance with the agreement, according to TASS and Interfax. Russian Deputy Prime Minister Alexander Novak said the meeting would address standard issues — the market situation and implementation of the agreement, Interfax reported. [ 1 , 2 ]
Interfax named the seven as Russia, Saudi Arabia, Algeria, Kuwait, Iraq, Kazakhstan and Oman, noting that the United Arab Emirates had also taken part previously but left OPEC and OPEC+ in May. The seven twice cut output on top of the general quotas, by 2.2 million barrels a day and 1.65 million barrels a day under quotas agreed among themselves in 2023, Interfax reported. Over the past two years those restricted volumes were gradually returned to the market, with the last tranche of the restrictions ending in September. [ 2 ]
In August, OPEC+ raised output by 628,000 barrels a day from July to 29.633 million barrels a day, while the shortfall from plan stood at 6.39 million barrels a day, Interfax reported. It added that since March most Gulf producers have been pumping below their permitted quota levels because of the Middle East conflict, and that Russia is below its quota because of unplanned repairs at refineries. [ 2 ]
Kazakhstan is exceeding its agreed levels by about 1 million barrels a day, and countries that are partly not complying have pledged to compensate the volumes they did not cut in future, according to Interfax, which noted that OPEC has not published these compensation schedules since July after regularly doing so before. In September the participating countries decided to keep September quotas in place for October, Interfax reported. [ 2 ]
Interfax also noted that OPEC releases following the seven countries' meetings had always stated that they were ready to return to restrictions depending on the market, but that this remark was absent from the August and September press releases. TASS's summary contained no such detail, stating only that the monitoring committee would discuss the market situation and assess the level of compliance with the association's agreement. No outcome of the 4 October meetings is reported in either document. [ 1 , 2 ]
Why it matters
The seven countries involved had been holding back output beyond the group-wide quotas, so what they decide affects global oil supply and prices. Interfax notes that OPEC has not published compensation schedules since July, leaving less public visibility into the alliance's production plans. Compliance gaps in Kazakhstan and Russia are central to how far any agreed limits actually bite.
Key facts
- Ministers of seven OPEC+ countries and the OPEC+ monitoring committee were to hold meetings on 4 October to discuss the oil market and compliance with the agreement [ 1 , 2 ]
- The seven countries are Russia, Saudi Arabia, Algeria, Kuwait, Iraq, Kazakhstan and Oman; the UAE previously took part but left OPEC and OPEC+ in May [ 2 ]
- The seven twice cut output on top of the general quotas, by 2.2 million barrels a day and 1.65 million barrels a day under quotas agreed in 2023, and those volumes were gradually returned to the market, with the last tranche ending in September [ 2 ]
- In August OPEC+ raised output by 628,000 barrels a day from July to 29.633 million barrels a day, with the shortfall from plan at 6.39 million barrels a day [ 2 ]
- Russian Deputy Prime Minister Alexander Novak said the meeting would discuss standard issues — the market situation and implementation of the agreement [ 2 ]
- Kazakhstan is exceeding its levels by about 1 million barrels a day, and countries partially not complying pledged to compensate those volumes in future; compensation schedules have not been published since July [ 2 ]
- In September the participating countries decided to keep September quotas for October [ 2 ]
Confirmed by several sources
Still unclear
- Whether the group will reintroduce additional output restrictions Interfax, a single source, says OPEC releases after the seven countries' meetings had always stated readiness to return to restrictions depending on the market, but that the remark was absent from the August and September press releases; no outcome of the 4 October meeting is reported.
- Where the meetings are being held and what, if anything, was decided Both documents were published before or around the meeting; neither states the venue or any decision.
- When OPEC might resume publishing compensation schedules for countries that overproduced Stated only by Interfax, with no explanation from OPEC given in the documents.
What local media are saying
Timeline, local time
- TASS reports that the OPEC+ ministerial monitoring committee will discuss the oil market situation and assess compliance with the agreement [ 1 ]
- Interfax reports that ministers of seven OPEC+ countries and the monitoring committee will meet on 4 October to discuss the market and implementation of the agreement, and sets out production and compliance figures [ 2 ]