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Investing.com -- The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are set to discuss issues regarding their baselines for 2027 production at a meeting on Wednesday, according to Reuters, citing two group delegates. A separate discussion scheduled for Saturday may result in an agreement for a further accelerated oil output increase for July.
The OPEC+ group, which includes nations like Russia, has been deliberating over new baselines, or the production levels from which each member makes cuts or increases, for several years. These baseline discussions are contentious as some members, including the United Arab Emirates and Iraq, have expanded their oil production capacity and are advocating for higher quotas. Conversely, some African members have experienced production declines.
The 22-member group meeting on Wednesday is expected to request the OPEC headquarters to develop a mechanism to establish the baseline assessment for 2027. However, this meeting is not expected to alter the output policy, as per OPEC+ sources.
On the upcoming Saturday meeting, the eight OPEC+ members currently in the process of gradually increasing output are likely to agree on a July output hike of 411,000 barrels per day, the same amount as in May and June, according to the delegates.
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