OPEC+ ratified group-wide production quotas for this year and next, ahead of a decision by eight key members at the weekend whether to bolster output again in July.
The Organization of the Petroleum Exporting Countries and its partners reaffirmed their longer-term targets for 2025 and 2026, which underpin its current supply restraints, according to a statement after a video conference on Wednesday.
A more market-sensitive discussion on whether to continue their 411,000 barrel-a-day hikes, which have sent prices crashing over the past two months, will be finalized in a call on Saturday, according to delegates who asked not to be identified.
The sequencing of the meetings underscores how oil quotas for the full 22-nation OPEC+ alliance have receded in importance over the past two years, as actual supply adjustments are carried out by sub-group of eight countries, led by Saudi Arabia and Russia.
It was these nations that shattered market expectations on April 3, when they announced their first super-sized hike — triple the volume originally scheduled. The shock move, unveiled just hours after President Donald Trump launched a global trade war, helped send crude futures to a four-year low below $60 a barrel in the ensuing days, marking a rupture with years of efforts by the coalition to try to shore up prices.
Brent contracts have since stabilized near $65 as Trump has reversed some of his trade tariffs.
OPEC+ delegates have offered a range of explanations for the policy reversal: from satisfying summer fuel demand to punishing over-producing members, and from placating President Trump to recouping lost market share.
At Wednesday’s gathering, they also agreed to “develop a mechanism” for setting production baselines in 2027 based on their maximum sustainable capacity, according to the statement.
The 22-nation alliance will hold its next full ministerial meeting on Nov. 30. Its Joint Ministerial Monitoring Committee, which reviews oil markets and can request a full ministerial meeting, will continue to convene every two months.
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