OPEC members have kept the oil production ceiling unchanged at 30 million barrels per day, the Minister of Petroleum and Mineral Resources of Saudi Arabia, Ali al-Nuaimi, said.
have kept the oil production ceiling unchanged at 30 million barrels per day, the Minister of Petroleum and Mineral Resources of Saudi Arabia, Ali al-Nuaimi, said.The minister was optimistic about the situation in the oil market. "The situation is improving and we hope it will continue improving," he said. According to al-Nuaimi, oil prices are "slowly improving, not stabilizing."The minister said Tehran is expected to return to the global oil market, noting that OPEC would not tell Iran how much oil to produce. "How can OPEC tell Iran how much to produce? Iran is a member of OPEC. The decision on the production volume is their sovereign right. Iran is free to do whatever it wants," the Minister of Petroleum of Saudi Arabia said.During the meeting, the President of the OPEC Conference, the Minister of Energy and Industry of Qatar, Mohammed bin Saleh Al-Sada, also voiced the idea of the need for dialogue between OPEC and other oil exporters.The next OPEC meeting will be held on December 4.The Deputy Director of the Institute of Energy Strategy, Alexey Belogoriev, said in an interview with Vestnik Kavkaza that the main OPEC participants are satisfied with the current situation in the oil market. Therefore, we cannot expect a decrease in oil production quotas by OPEC, even in the medium term. "We rather should expect an increase in the quotas due to the probability of the return of Iran to the oil market after the lifting of sanctions. It will not affect the prices, since OPEC's decision was expected," the expert noted.Commenting on the possibility of Russia joining OPEC, Belogoriev stressed that the organizational structure of the industry does not allow this. "OPEC state companies are directly controlled by the government, and Russian oil production is one of the most liberalized sectors of the economy," he said.A senior analyst of 'Uralsib Capital', Alexei Kokin, in turn, explained the preservation of quotas was due to the unavailability of any of the members to reduce their production. "There were only minor efforts to lobby in Venezuela, which is a small exporter. All major countries, not just Saudi Arabia, Kuwait and the United Arab Emirates, but Iraq and Iran would even like to increase the quotas. Iraq's production is growing, Iran is waiting for a partial lifting of the sanctions," the expert said.According to him, it would be interesting to join OPEC for the largest oil producers "to influence policy and to participate in decision-making." "I think Russia will not even try to join OPEC, because it will not give it any practical advantages," Alexei Kokin concluded.
The minister was optimistic about the situation in the oil market. "The situation is improving and we hope it will continue improving," he said. According to al-Nuaimi, oil prices are "slowly improving, not stabilizing."
The minister said Tehran is expected to return to the global oil market, noting that OPEC would not tell Iran how much oil to produce. "How can OPEC tell Iran how much to produce? Iran is a member of OPEC. The decision on the production volume is their sovereign right. Iran is free to do whatever it wants," the Minister of Petroleum of Saudi Arabia said.
During the meeting, the President of the OPEC Conference, the Minister of Energy and Industry of Qatar, Mohammed bin Saleh Al-Sada, also voiced the idea of the need for dialogue between OPEC and other oil exporters.
The next OPEC meeting will be held on December 4.
The Deputy Director of the Institute of Energy Strategy, Alexey Belogoriev, said in an interview with Vestnik Kavkaza that the main OPEC participants are satisfied with the current situation in the oil market. Therefore, we cannot expect a decrease in oil production quotas by OPEC, even in the medium term. "We rather should expect an increase in the quotas due to the probability of the return of Iran to the oil market after the lifting of sanctions. It will not affect the prices, since OPEC's decision was expected," the expert noted.
Commenting on the possibility of Russia joining OPEC, Belogoriev stressed that the organizational structure of the industry does not allow this. "OPEC state companies are directly controlled by the government, and Russian oil production is one of the most liberalized sectors of the economy," he said.
A senior analyst of 'Uralsib Capital', Alexei Kokin, in turn, explained the preservation of quotas was due to the unavailability of any of the members to reduce their production. "There were only minor efforts to lobby in Venezuela, which is a small exporter. All major countries, not just Saudi Arabia, Kuwait and the United Arab Emirates, but Iraq and Iran would even like to increase the quotas. Iraq's production is growing, Iran is waiting for a partial lifting of the sanctions," the expert said.
According to him, it would be interesting to join OPEC for the largest oil producers "to influence policy and to participate in decision-making." "I think Russia will not even try to join OPEC, because it will not give it any practical advantages," Alexei Kokin concluded.
![November 2025 in photos: New Year at GUM, the "City of Living Stories," and autumn scenes](https://en.vestikavkaza.ru/upload2/s400xfull/2025-12-02/1764706769692f49d1538777.83780174.webp "November 2025 in photos: New Year at GUM, the "City of Living Stories," and autumn scenes")
