OPEC+ keeps December oil supply unchanged

On 1 November seven key OPEC+ countries led by Saudi Arabia and Russia decided, for the third month running, not to change output. Brent crude closed on Friday at $117.6 a barrel, 60% higher than at the end of February.

The decision freezes September’s level until the end of the year. Actual output differs from the quotas: wars in Iran and Yemen disrupt tanker traffic through the Strait of Hormuz and Bab el-Mandeb, and Russia is losing export capacity after Ukrainian strikes on its energy sector. On 29 November all 21 members of the alliance will meet to set new quotas from 1 January 2027.

For Spain, expensive oil means dearer petrol and diesel and, through gas and power markets, higher electricity bills, which in October were already the highest since 2022. Costa Blanca residents who drive a lot should compare fuel prices: the gap between stations in the same area can be noticeable.