OPEC+ members to undergo annual oil capacity audit under new plan

OPEC+ members will undergo an annual assessment of their oil production capacity starting next year for use in 2027, OPEC+ sources said, to ensure that the group sets output quotas that are more closely aligned with each country’s real capacity. This follows an agreement reached on Sunday which marks progress in resolving what has been a thorny issue for OPEC+ for years, and is expected to boost the credibility of its future production deals with investors and oil market participants. Some members such as the United Arab Emirates have increased their capacity and would like higher production targets, while others such as African members have seen declines. For others, it is politically and economically difficult to accept a lower production target and theoretical capacity. Angola quit the Organization of the Petroleum Exporting Countries in 2024 over a disagreement about its production quotas.