Kuwait city: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability, focusing on current oil market fundamentals and a steady global economic outlook. The OPEC+ countries aim to adjust production levels accordingly.
According to Kuwait News Agency, the eight OPEC+ nations, which previously announced additional voluntary adjustments in April and November 2023, convened virtually on August 3, 2025, to assess global market conditions and prospects. In line with a decision made on December 5, 2024, to gradually and flexibly return 2.2 million barrels per day (bpd) of voluntary adjustments starting April 1, 2025, they will implement a production adjustment of 547,000 bpd in September 2025, compared to August 2025 production levels.
This adjustment is equivalent to four monthly increments, and the phase-out may be paused or reversed depending on evolving market conditions. This approach aims to support ongoing oil market stability. The countries emphasized that the measure will enable them to accelerate compensation efforts.
The eight countries reaffirmed their collective commitment to the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting on April 3, 2024. They also confirmed their intention to compensate for any overproduction since January 2024. Monthly meetings will be held to review market conditions, conformity, and compensation, with the next meeting scheduled for September 7, 2025.