Kuwait city: OPEC Plus members have reached an agreement during an online meeting to increase oil production by 137,000 barrels per day starting in October. This decision comes as part of a broader strategy to adjust production levels in response to current market conditions.
According to Kuwait News Agency, a statement from the organization highlighted that the decision was made in light of a steady global economic outlook and the current healthy market fundamentals, which are evident from the low oil inventories. The adjustment of 137,000 barrels per day is part of the 1.65 million barrels per day additional voluntary adjustments announced back in April 2023. The statement further clarified that this adjustment is scheduled for implementation in October 2025, with potential for partial or full reinstatement of the 1.65 million barrels per day based on evolving market conditions.
The statement emphasized the importance of maintaining market stability and the necessity for a cautious approach. It also noted the flexibility to pause or reverse the additional voluntary production adjustments, including those previously announced in November 2023, which amounted to 2.2 million barrels per day.
The eight participating countries highlighted the measure's potential to accelerate compensation efforts and reaffirmed their commitment to the Declaration of Cooperation. This includes monitoring the additional voluntary production adjustments by the Joint Ministerial Monitoring Committee (JMMC). The countries also expressed their intention to fully compensate for any overproduced volumes since January 2024.
To ensure continued alignment with market conditions, the eight OPEC+ countries will hold monthly meetings to review market dynamics, conformity, and compensation strategies. Their next meeting is scheduled for 5 October 2025.