Riyadh: Eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, have decided to implement a production adjustment of 137,000 barrels per day (bpd) from the 1.65 million bpd additional voluntary adjustments announced in April 2023. The decision was made during a virtual meeting focused on reviewing global market conditions and outlook.
According to Kuwait News Agency, this adjustment is set to be implemented in December 2025. The eight countries emphasized their commitment to maintaining market stability, citing current healthy oil market fundamentals and a steady global economic outlook. They initially announced additional voluntary adjustments in April and November 2023.
Reflecting on the steady global economic outlook and the current low oil inventories, the participating countries agreed to the production adjustment. Beyond December, they plan to pause production increments in January, February, and March 2026 due to seasonal factors.
The countries also stated the possibility of returning the 1.65 million barrels per day in part or in full, depending on market conditions, in a gradual manner. They committed to closely monitoring and assessing market conditions to support market stability by adopting a cautious approach and maintaining flexibility to pause or reverse additional voluntary production adjustments.
Furthermore, the participating countries reiterated the importance of achieving full conformity with the Declaration of Cooperation. They emphasized their intention to fully compensate for any overproduced volume since January 2024. The Joint Ministerial Monitoring Committee (JMMC) will oversee the additional voluntary production adjustments.
The eight OPEC+ countries will continue holding monthly meetings to review market conditions, conformity, and compensation, with a meeting scheduled for 30 November 2025.