The meeting of the OPEC+ involving members of the Organisation of the Petroleum Exporting Countries (OPEC) and some non OPEC members met on Sunday and approved a modest oil production increase of 137,000 barrels per day, starting in November 2025.
According to the statement by OPEC, this followed a virtual meeting of eight key member countries, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
It explained that the eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, met virtually yesterday to review global market conditions and outlook.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023,” the group said.
It added that the adjustment “will be implemented in November 2025” and that “the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.”
The statement noted that the countries would continue to closely monitor and assess market conditions, and in their efforts to support market stability, they “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.”
According to the statement, the eight OPEC+ countries also noted that this measure would provide an opportunity for the participating countries to accelerate their compensation.
They reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee.
The statement added that the countries would meet on November 2, 2025.
GIK/APA