The outcome of Sunday’s OPEC+ meeting marked a turning point, state TV Al Ekhbariya reported, citing Saudi Energy Minister Prince Abdulaziz bin Salman on Monday.
OPEC said the OPEC+ group had approved a mechanism to assess members’ maximum production capacity to be used for setting output baselines from 2027, against which their output targets are set.
Abdulaziz said the mechanism to be adopted is the ‘most important and most transparent’ decision for determining production levels.
The evaluation of members’ maximum production capacity is scheduled to take place between January and September 2026, according to sources following the meetings, allowing for 2027 output quotas to be set.
(Reporting by Jana Choukeir and Nayera Abdallah Editing by Bernadette Baum)