OPEC+ will discuss production capacity updates this week.

OPEC+ representatives will hold a meeting in Vienna this week to start preliminary discussions on updating the estimation procedures for member countries' production capacities. Sources say the meeting is scheduled for September 18th to 19th. The representatives hope to reach an agreement on a mechanism for assessing the maximum sustainable crude oil production capacity of each member country. The OPEC+ Secretariat aims to submit a feasible plan to OPEC+ ministers by the end of the year. This alliance, consisting of 22 oil-producing countries, plans to use production capacity estimates to determine a new production baseline, and to calculate production targets for 2027 based on this. OPEC+ originally planned to implement a new production baseline in 2025, but due to internal disagreements, the implementation was postponed to 2026 and further delayed to 2027.