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OPEC+ agreed yesterday to establish a mechanism for setting baselines for its 2027 oil production, while Opec+ sources said that separate talks on Saturday could agree a further accelerated oil output hike for July.
The group, which includes the Organisation of the Petroleum Exporting Countries and allies such as Russia, has been discussing new baselines – production levels from which each member makes cuts or increases – for the last few years.
Baselines and quotas are controversial because some members such as the UAE and Iraq have increased their production capacity, pressing the case for higher quotas, while others such as African members have seen declines. Angola quit the group in 2024 over a disagreement on its production target.
Yesterday, the 22-member group tasked Opec headquarters with developing a mechanism to assess countries’ maximum production capacity, to be used as reference for 2027 output baselines for all countries, Opec+ said in a statement.
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