OPEC+ could discuss in its Wednesday meeting issues related to its levels of reference production by 2027, Two delegates of the group said, while in separate conversations planned for Saturday, a new accelerated increase in oil production for July could be agreed.
The group, which includes the organization of oil exporting countries, OPEC, already allies such as Russia, It has been discussing new baselines for several years, that is, production levels from which each member makes cuts or increases.
The issues related to the reference levels are controversial because some members, such as United Arab Emirates and Iraq, They have increased their oil production capacity, which advocates higher quotas, while others, such as African members, have registered declines.
According to one of the delegates, it is likely that on Wednesday the group of 22 members ask the OPEC headquarters to prepare a mechanism that helps establish the reference evaluation by 2027. The meeting is not expected to modify the production policy, according to OPEC+sources.
On Saturday, the eight members of the OPEC+ who are in the process of gradually increasing production will meet and could agree an increase in production for July of 411,000 barrels Diaries, as in May and June, according to delegates.
The OPEC+ has agreed three levels of production cuts since 2022. Two of them are in force until the end of 2026 and another is being withdrawn by the eight members.
The baselines of 2027 could, In theory, appear in the production policy when all the production cuts currently expire.
In April, the eight members of the OPEC+ began to undo the most recent production cuts in the group and in May and June They increased production by 411,000 barrels per day more than expected.
OPEC+ sources have told Reuters that the eight members could decide in their Saturday meeting a similar increase in the production of 411,000 barrels per day for July. All sources declined to be identified by name due to the delicate of the matter.
LCOC1 oil fell to a minimum of four years in April below US $ 60 per barrel after OPEC+ He said he was accelerating his increase in production in May and while the tariffs of US President Donald Trump increased concern about world economic weakness. Since then it has recovered to about 65 dollars.
Earlier this month, Fuentes told Reuters that the eight countries, in addition to another increase in the production of 411,000 BPD for July, They could undo the rest of the most recent cut at the end of October.
