OPEC+ Plans New Baselines for 2027: The Road Ahead
OPEC+ has decided to set new baselines for 2027 oil production. Amid ongoing debates over quotas, the group, including countries like Russia and the UAE, plans a further output hike in July. The move follows several production cuts since 2022 to bolster the oil market.
In a significant policy move, OPEC+ agreed on Wednesday to establish a new mechanism to set baselines for its 2027 oil production, amidst continuing discussions on output adjustments.
Contentious debates have focused on changes in production capacity, with countries like the UAE pushing for higher quotas, while others like Angola exited the group in 2024 following disagreements. OPEC headquarters has been tasked with developing a reference mechanism for 2027 baselines.
The group is preparing for an accelerated output hike in July, aiming for stability in global oil markets. This comes after a series of output cuts initiated since 2022 to support oil prices that hit a four-year low in April.
(With inputs from agencies.)
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