OPEC reaffirms the level of overall crude oil production for OPEC/non-OPEC countries

The details from the OPEC+ meeting:

• OPEC reaffirms the level of overall crude oil production for OPEC and non-OPEC participating countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until 31 December 2026

• OPEC+ has agreed to use 2025 oil output levels for 2027 baseline, source says

• OPEC+ to mandate the OPEC Secretariat to develop a mechanism to assess participating countries’ maximum sustainable production capacity (MSC) to be used as reference for 2027 production baselines

• OPEC says it is to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the OPEC Secretariat

• OPEC+ to meet next on Nov 30

This article was written by Greg Michalowski at www.forexlive.com.