New OPEC+ production mechanism will help stabilise markets: KSA

A new mechanism adopted by OPEC+ to assess members’ maximum output capacity will ultimately help to stabilise markets and reward those who invest in production, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The OPEC+ group approved the mechanism to assess members’ maximum production capacity to be used for setting baselines from 2027, against which their output targets are set, OPEC said on Sunday. Prince Abdulaziz said the mechanism was “fair and transparent” for determining production levels. “Now we have the most detailed, the most technical, transparent approach of how we can move forward in the future in managing the market and how to attend to production”, he said. “Yesterday was probably one of the most successful days in my personal career and I am very grateful and thankful for the support of our friends in Russia,” he said during the launch of a Saudi-Russian business forum in Riyadh. The meetings on Sunday of OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, also agreed to leave oil output levels unchanged for the first quarter of 2026.