The OPEC+ alliance, during its recently convened 39th ministerial meeting, reached an agreement to create a mechanism for evaluating maximum sustainable production capacity. This will act as a reference point for production levels in the year 2027, while current production levels are to be upheld through the end of December 2026.
OPEC+ has engaged in discussions regarding new baseline production levels for several years. These baselines are crucial for each member in determining any modifications in output, whether that involves increases or reductions.
Read more: OPEC, IEA slash global oil demand growth forecast amid trade tensions
In a statement released after the meeting, the alliance indicated that the OPEC Secretariat has been assigned the task of developing a mechanism to evaluate the maximum sustainable production capacity for member countries. This assessment will serve as the foundation for setting 2027 production levels for all nations involved in the Declaration of Cooperation, which was signed on December 10, 2016, and has continually been reaffirmed as the framework for managing output and promoting market stability.
Additionally, the meeting concluded with a decision to maintain the total crude oil production level for both OPEC members and non-OPEC producers participating in the Declaration of Cooperation until December 31, 2026.
In April 2025, OPEC sharply reduced its forecast for the growth in global oil demand this year, citing escalating trade tensions.Â
