OPEC+ Countries To Discuss Oil Production Capacity Assessments In 2026
Assessments of the maximum oil production capacities of countries participating in the OPEC+ agreement are expected to be completed by the end of 2026.
Russia's Deputy Prime Minister Alexander Novak made the announcement while speaking to journalists on the sidelines of Russian Energy Week.
“By the end of 2026 - that is, at least, the target we have set. The OPEC (Organization of the Petroleum Exporting Countries) Secretariat is working in this direction,” Novak said.
Earlier, Novak stated that the production capacities of OPEC+ countries would be assessed by the end of 2026 and discussed by the participating countries.
In 2025, OPEC+ approved a mechanism developed by the OPEC Secretariat to determine the maximum oil production capacities of member countries. The mechanism will provide a basis for setting baseline production levels for 2027.
OPEC+ is an alliance comprising OPEC members and participating non-OPEC oil-producing countries that coordinate production policies to help balance the global oil market. Azerbaijan is also a participant in the OPEC+ agreement.
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