OPEC+ to receive new oil production quotas methodology in early 2026 - Novak
RIYADH. Dec 1 (Interfax) - OPEC+ countries are due to agree on a new methodology for determining oil production quotas early next year, Russian Deputy Prime Minister Alexander Novak told reporters, commenting on Sunday's OPEC+ ministerial meetings.
"We highlighted at the ministerial meeting that work will continue to elaborate the methodology for determining quotas among countries, and we agreed that this work would be carried out in the near future. The Secretariat is already carrying it out together with the countries. We plan to receive the first results early next year," he said.
OPEC+ ministers on Sunday approved a mechanism to assess maximum sustainable production capacity (MSC) to be used as reference for the 2027 production baselines for all OPEC+ countries. It was decided that DeGolyer & MacNaughton will assess the MSC for 19 countries, except Russia, Venezuela and Iran, according to Interfax information.
The new methodology for assessing the maximum oil production capacities of OPEC+ countries will consider not only their spare capacities but also their investment capabilities, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said.
Serious efforts have been made to lay a solid foundation for future cooperation within OPEC+, namely to address the perennial question of how activities can be organized in a fair, equitable and transparent manner, and how to set production levels, commercializing them using spare capacities in the most transparent way, Abdulaziz bin Salman said.
What is now available is the most detailed, most technical and transparent approach to how the organization can move forward in the future, managing oil production and its supply to the market, taking into account different levels and amounts of investment, he said.
The new method will reward those who invest and believe in the growth of the organization, he said.
The MSC should be determined in September 2026, a source has told Interfax.
