OPEC+ ministers uphold earlier oil output plans for 2026
OPEC says OPEC+ countries have reaffirmed their commitment to the current agreements defining overall oil production levels through the end of 2026, News.Az reports, citing TASS.
According to the statement of the 40th OPEC and non-OPEC ministerial meeting, the participating countries reaffirmed "the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC (Declaration of Cooperation - TASS) as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until 31 December 2026."
Apart from that, they mandated "the OPEC Secretariat to develop a mechanism to assess participating countries’ maximum sustainable production capacity (MSC) to be used as reference for the 2027 production baselines for all DoC countries, the Participating Countries approved the mechanism developed by the Secretariat."
The next OPEC and non-OPEC ministerial meeting will be held on June 7, 2026.
The participating countries also decided to "reaffirm the framework of the Charter of Cooperation (CoC), signed on 2 July 2019, and request the OPEC Secretariat to develop a plan and convert it into programs to achieve the full objectives of the CoC, as it was originally mandated, and present it to the 41st OPEC and non-OPEC Ministerial Meeting.".
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