Opec+ agreed to keep oil production levels unchanged and approved a mechanism to determine members' maximum oil production capacity during a series of meetings of the exporters' group on Sunday.
This month, the group, which pumps about half the world's oil, paused output increases for the first quarter of 2026 due to seasonal weak demand. It has brought 2.9 million barrels per day into the market since April this year.
Opec+, made up of the Organisation of Petroleum Exporting Countries and its allies such as Russia, said in a statement on Sunday it was reaffirming the level of overall crude oil production for Opec and non-Opec countries as agreed to earlier until December 31, 2026.
It also said it had approved "a mechanism to assess participating countries’ maximum sustainable production capacity to be used as reference for the 2027 production baselines".
The group, which also includes Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria and Oman, has been phasing out voluntary production cuts.
The group is unwinding 1.65 million bpd of voluntary cuts announced in April 2023. Opec+ approved adding about 137,000 bpd for each of October, November and December.
There are also cuts of 2 million bpd announced by most of the 22 members of the group until December 2026.
In its statement following the m
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