DUBAI — Saudi Energy Minister Prince Abdulaziz bin Salman said Monday that a newly adopted OPEC+ framework for determining members’ maximum production capacity will contribute to market stability and benefit countries investing in greater output.
OPEC+ approved the new methodology on Sunday to assess member states’ production capabilities, which will form the basis for output allocations starting in 2027.
Prince Abdulaziz described the approach as both fair and transparent, noting that it provides a more precise and technical foundation for future market management and production planning.
He called the decision one of the highlights of his career and expressed appreciation for Russia’s backing during a Saudi-Russian business forum in Riyadh.
At their Sunday meeting, OPEC and its allies, led by Russia, also agreed to maintain current output levels through the first quarter of 2026.
The capacity evaluations are expected to be carried out from January to September 2026, helping determine production quotas for 2027.
Prince Abdulaziz added that the system will reward producers who expand capacity and position OPEC+ ahead of competing suppliers.
Discussions around capacity and quota adjustments have long been challenging within the group. Some countries, including the UAE, have boosted production capability and are pushing for higher targets, while others—particularly in Africa—have faced output declines but oppose lower allocations. Angola exited the alliance in 2024 over such quota disputes.
Click here for more on Finance and Investing
