OPEC+ has confirmed the overall production quotas for the next two years and will make a decision this weekend on whether to increase production in July.

The Organization of the Petroleum Exporting Countries (OPEC) and its partners have confirmed production quotas for the entire alliance for the next two years. Eight key member countries will decide this weekend whether to increase production again in July. According to a statement released after the video conference on Wednesday, OPEC+ reaffirmed longer-term targets for 2025 and 2026, which serve as the basis for current supply restrictions. The final decision on whether to continue the daily increase of 411,000 barrels will be made during a conference call on Saturday. Discussions on this decision are more market-sensitive, as news of production increases over the past two months has caused oil prices to plummet. The arrangement of the meeting highlights the decreased importance of oil quotas within the OPEC+ alliance of 22 countries over the past two years, as actual supply adjustments have been implemented by eight countries led by Saudi Arabia and Russia. During the meeting on Wednesday, they also agreed to "establish a mechanism" to determine the production baseline for 2027 based on maximum sustainable capacity. The next ministerial-level meeting of OPEC+ will be held on November 30th. The Joint Ministerial Monitoring Committee, responsible for assessing the oil market and able to request ministerial meetings, will continue to meet every two months.