OPEC+ to Discuss Production Capacity Update This Week
On September 16, it was reported that OPEC+ representatives will hold a meeting in Vienna this week to conduct preliminary discussions on updating the procedure for estimating member countries' production capacity. Sources said the meeting is scheduled for September 18-19. The representatives hope to reach an agreement on the mechanism for assessing the maximum sustainable crude oil production capacity of each member country. The OPEC+ Secretariat aims to submit a feasible plan to the OPEC+ ministers by the end of the year. This alliance of 22 oil-producing countries plans to use production capacity estimates to determine new production baselines and calculate production targets for 2027. OPEC+ originally planned to implement the new production baseline in 2025, but due to internal disagreements, the implementation was postponed first to 2026 and then further delayed to 2027.
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