OPEC+ Sets New Baselines for 2027 Oil Production Amidst Controversy

OPEC+ has agreed to establish new baselines for its 2027 oil production, with discussions underway for a potential output hike in July. The group's decision comes amidst varying production capacities of member countries, with some pushing for higher quotas. The deal reflects ongoing efforts to stabilize oil markets.

In a move to stabilize the global oil market, OPEC+ agreed on Wednesday to create new baselines for its 2027 production levels. The decision included a Saturday meeting to discuss a possible output hike in July.

OPEC+, which includes allied countries like Russia, is setting baselines from which production changes are made. This decision comes amidst differing production capacities among member countries, leading to tensions over quotas.

The group has imposed multiple layers of output cuts since 2022, with eight members currently unwinding some cuts. As oil prices fluctuate, OPEC+ continues its efforts to align production with global economic conditions.

(With inputs from agencies.)