This decision aligns with observers' forecasts that OPEC+ would not adjust output until early next year. Giovanni Staunovo, an analyst at UBS, noted, "OPEC+'s move indicates that despite increased oil flow through the Strait of Hormuz, their actual production remains below quota. In other words, the oil market remains tight."

Several OPEC+ members in the Gulf region have not met their production targets due to ongoing conflict in the Middle East. Their exports over the past few months have hovered around 60-80% of normal levels.

Crude oil prices continued to decline on the morning of 5/10, driven by news that G7 nations would release additional strategic reserves and an increase in Middle East exports. Brent crude now stands at 101 USD a barrel, while WTI trades at 90 USD.

OPEC+ raised production throughout most of 2026 after years of cuts. However, this increase was largely theoretical, as conflict in the Middle East significantly impacted the energy sector.

OPEC data for august shows that 7 key members of the group pumped 25 million barrels of oil per day, an increase of 630,000 barrels from the previous month. Despite this, the figure remains 5 million barrels per day lower than pre-conflict levels. The core members of the group currently include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

The conflict has also led OPEC+ to postpone the release of its production capacity assessment, which is crucial for determining next year's quotas for individual members, according to Reuters sources. The group's next meeting is scheduled for early november.

Ha Thu (according to Reuters)