OPEC+ Maintains Production Quotas Despite Market Supply Shifts

While the official quota for the eight participating members remains fixed at 31.01 million barrels daily, data from August shows the group produced just 25 million barrels per day. This persistent gap highlights a disconnect between the group’s policy framework and its physical output. Although global markets initially anticipated that the resumption of standard transit through the Strait of Hormuz would stabilize supply, current production figures suggest the market remains constrained.

Giovanni Staunovo, a commodity analyst at UBS, noted that the group’s failure to hit its own ceilings keeps the oil market in a state of structural tightness. The discrepancy between rising export flows and stagnant production may stem from the depletion of existing storage facilities or a strategic shift in how regional crude is allocated for export. According to Kpler data, the seven-day moving average for Middle Eastern oil shipments reached 18.5 million barrels daily by early October, yet this recovery in transit volume has not translated into the anticipated increase in crude extraction.