OPEC Plus Unveils New Oil Production Assessment

OPEC Plus Unveils New Production Assessment System: A Turning Point in Oil Market ManagementOPEC Plus, the oil-producing nations group, has introduced a new production assessment system, set to impact oil production, investments, and prices for years. Starting in 2027, this system will determine production quotas, aiming for transparency and fairness. A U.S.-based firm will assess most members, with Russia and Venezuela using non-U.S. firms. Irans baseline will be determined by its average production in August, September, and October 2026. This move is expected to encourage members to maintain or boost production capacity, potentially increasing OPECs long-term influence on the oil market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.