The mechanism, approved during OPEC+ meetings over the weekend, will determine maximum production capacities that will serve as baselines for setting output targets starting in 2027, the group said on Sunday. According to Prince Abdulaziz, the initiative is “fair and transparent” and represents the most detailed technical framework the organization has implemented for managing the market.
“Now we have the most detailed, the most technical, transparent approach of how we can move forward in the future in managing the market and how to attend to production,” he said during the launch of a Saudi-Russian business forum in Riyadh. “Yesterday was probably one of the most successful days in my personal career, and I am very grateful and thankful for the support of our friends in Russia.”
The OPEC+ meetings also reaffirmed their decision to maintain current oil output levels for the first quarter of 2026, signaling a cautious approach amid global market uncertainties. The assessment of members’ production capacities is scheduled between January and September 2026, laying the groundwork for quotas in 2027.
Prince Abdulaziz emphasized that the new mechanism would reward countries that invest in expanding their production capabilities. “It will also be a mechanism that will reward those who invest and those who believe there is growth, and would put us in the lead amongst the other producers,” he said.
The issue of production capacity and quotas has been a point of contention within OPEC+ for years. Some members, such as the United Arab Emirates, have expanded their capacity and are seeking higher quotas, while others, including several African nations, face declining production and resist cuts. Angola’s departure from the group in 2024 over quota disputes underscores the ongoing challenges in balancing member interests.