Seven OPEC+ countries have decided not to raise oil production quotas in December, maintaining the level set in September.
Representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman participated in the online meeting on November 1. These countries resolved to keep oil production quotas at the September level throughout December. This restriction was also in place in October and November.
According to available information, OPEC+ has completed the phased cancellation of additional restrictions amounting to 1.65 million barrels per day, introduced in September 2023. Nevertheless, other cuts of nearly 2 million barrels per day remain in effect until the end of 2026.
The decision not to increase production is linked to the tense situation in the Middle East and disruptions in oil exports. As a result, some states in the Persian Gulf are effectively producing less oil than stipulated by the established quotas.
Concurrently, global oil prices remain high. For example, on October 30, the Brent crude oil futures contract for December delivery rose by 2.4 percent, reaching $117.64 per barrel.
The OPEC+ decision does not imply an immediate increase in gasoline prices. However, the lack of increased oil supply could be one of the factors limiting a decline in global prices. This potentially could affect oil and fuel prices imported into Uzbekistan.
Furthermore, the price of gasoline in the country depends not only on international quotations but also on import volume, exchange rate, domestic demand, and stock market trading.
The next OPEC+ meeting is scheduled for November 29, where the oil market situation and production policy for the coming year are expected to be discussed.
