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The detection of quantum oscillations in the electrical resistivity ofYBa2Cu3O6.5 provides direct evidence for the existence of Fermi surface pocketsin an underdoped cuprate. We present a theoretical study of the electronicstructure of YBa2Cu3O7-d (YBCO) aiming at establishing the nature of theseFermi pockets, i.e. CuO2 plane versus CuO chain or BaO. We argue that electroncorrelation effects, such as orbital-dependent band distortions and highlyanisotropic self-energy corrections, must be taken into account in order toproperly interpret the quantum oscillation experiments.

Fermi pockets and correlation effects in underdoped YBa2Cu3O6.5