Oman is expected to support a cautious, phased approach to future oil production increases as OPEC+ prepares for a key meeting that could reshape production quotas and baseline calculations for all member countries, according to Ali al Riyami, a well-known Omani energy analyst.
Speaking to Al Arabiya Business, Al Riyami said the producer alliance has now implemented production increases for the sixth consecutive month, adding around 188,000 barrels per day (bpd) each month as part of the gradual unwinding of voluntary supply cuts.
He noted that OPEC+ has effectively completed the restoration of around 1.065 million bpd of previously withheld production, leaving approximately 2 million bpd of voluntary cuts yet to be returned to the market.
"I believe this is now the sixth consecutive increase in production by OPEC+, with each increase amounting to around 188,000 barrels per day," Al Riyami, a former high-level official of the Ministry of Energy and Minerals, said. "This means the tranche of about 1.065 million barrels per day has now largely been completed, while another tranche of roughly two million barrels per day remains."
According to Al Riyami, attention is now shifting to an important OPEC+ meeting expected in the coming months, where member countries will review the group's production quota framework and the baseline production levels used to determine each country's output allocation.
He said the meeting is likely to be pivotal because member states are expected to negotiate a revised methodology for calculating production quotas across the alliance.
Source:
Oman Observer
