London/Moscow (Reuters) – OPEC+ member countries agreed on Wednesday to develop a mechanism for fixing reference quotas for oil production of its members in 2027 and will not mention its global production level for July that on Saturday, delegates in Reuters said.

The group, which includes the organization of oil exporting countries (OPEC) and its allies, and has 22 members in total, has instructed the organization’s seat to develop a mechanism to assess the maximum production capacity of the countries, which will serve as a reference for quotas of 2027, OPEC+ said in a press release.

The question of quotas is controversial because some members, such as the United Arab Emirates and Iraq, have increased their oil production capacity, which pleads in favor of higher quotas, while others, like African members, saw their production decrease.

The 22 members of the group could adopt a mechanism on Wednesday to establish the reference quotas for 2027, two delegates said. Wednesday’s meeting will not change the current production policy, sources said during negotiations.

The prices of oil fell in April at their lowest level in four years, under the $ 60 a barrel, after OPEC+ decided to increase its production for May and with concerns about American customs duties. They have gone up a bit since about 65 dollars.

At the beginning of the month, sources told Reuters that the eight OPEC member countries, in addition to an increase in production for the month of July, could cancel the rest of the last reduction by the end of October.

(Report Alex Lawler, Ahmad Ghaddar, Olesya Astakhova, Maha El Dahan and Yousef Saba; Mara Vilcu for the , edited by Kate Entringer)

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