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OPEC+ May Discuss Baseline Adjustment In December

OIL

OPEC+ may discuss changes to the oil production baselines of the member states in early December as countries are struggling to meet their quotas, sources told Energy Intelligence.

  • "Talks are going on about the possibility of adjusting baselines," said one OPEC+ delegate.
  • Energy Intelligence estimates that crude oil output for the 19 OPEC+ members with a quota fell by about 60kb/d to 38.6mb/d in October. The output was 3.5mb/d short of the group's official target of 42.1mb/d for that month.
  • Adjusting the baseline could free up more OPEC+ output by aligning individual quotas more closely with the true capacity to produce.
  • OPEC will hold its next meeting on 4th December in Vienna.

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