"OPEC+" Keeps Oil Production Quotas for November Unchanged

The seven OPEC+ member countries, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have decided to maintain the production levels required for last September in November.

The Ministry of Energy stated in a press release that the seven countries renewed their commitment to the Cooperation Declaration and will continue to hold monthly meetings to monitor market developments, with the next meeting scheduled for November 1.

The Joint Ministerial Monitoring Committee held its 68th meeting and reaffirmed its continued monitoring of compliance with the production adjustments agreed upon at the 38th Ministerial Meeting of OPEC member countries and participating non-OPEC producers under the Cooperation Agreement framework, which was held on December 5, 2024.

The committee highlighted the paramount importance of protecting international sea lanes to ensure a continuous and uninterrupted flow of energy supplies. It expressed concern over attacks targeting energy infrastructure, noting that restoring damaged energy facilities to full operational capacity is a costly and time-consuming process, which affects overall supply availability.

On another note, Iraq’s National Oil Marketing Organization (NOMO) announced it had transported two million barrels of oil outside the Strait of Hormuz for sale there, marking the first such move after oil was previously sold from Iraqi ports under the “off-the-vessel” (OTV) pricing mechanism.

The company’s director, Ali Qais, stated in a press release that his company transferred two million barrels of oil via a very large crude carrier (VLCC) and moved it outside the strait for sale, for the first time, after it had previously been offered at ports.

Iraq had been selling its oil at discounts of up to $25 per barrel when offered at the port, since the outbreak of the Strait of Hormuz crisis until now.

Executive officials at Abu Dhabi-based AIQ Technology announced that the company signed an agreement to enter the oil and gas sector in India, as part of its efforts to expand its business beyond its local market.

CEO Denis Goul said at a press conference that the company will deploy its technologies in refineries, fuel stations, and digital stores belonging to an Indian oil and gas conglomerate, declining to disclose the client’s identity.

Goul noted that the company began exporting its technologies 12 to 15 months ago and is currently operating in markets including North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam, and Kuwait.

AIQ was founded in 2020 as a joint venture between Abu Dhabi National Oil Company (ADNOC) and PreScia. The company uses artificial intelligence and machine learning to help improve profitability in the energy sector, including within ADNOC.

The company derives most of its revenue from ADNOC, with all other clients accounting for approximately 5 percent of its business.

Saravan Penuparthi, CEO of the Technology Sector, said, “Ultimately, we need access to this international market, which is what we are currently focusing on.”

AIQ aims to pursue acquisition opportunities as part of its expansion strategy. Goul stated, “We have substantial liquidity, so capital deployment is certainly a top priority.”