The assessment of the maximum production capacities of countries participating in the OPEC+ agreement will be ready by the end of 2026, Russian Deputy Prime Minister Alexander Novak said in comments to journalists on the sidelines of Russian Energy Week, TASS said, APA reports.
“By the end of 2026 — at least, that is the task that has been set. The OPEC (Organization of the Petroleum Exporting Countries) Secretariat is working in this direction.”
Novak had earlier stated that the production capacities of OPEC+ countries would be assessed by the end of 2026 and discussed by member countries. In 2025, OPEC+ approved a mechanism developed by the OPEC Secretariat. This mechanism will be used to determine the maximum oil production capacities of member countries and will serve as the basis for determining the baseline levels of oil production for 2027.
It should be recalled that OPEC+ is an initiative involving OPEC and non-OPEC countries to reduce oil production in order to balance the market. Azerbaijan is also a participant in the OPEC+ agreement.
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