Eight OPEC+ countries announced a new oil production adjustment on Monday aimed at maintaining global market stability amid healthy fundamentals and low inventories.
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 October 2025 to review current market conditions and agreed to reduce output by 137,000 barrels per day from previously announced voluntary cuts of 1.65 million barrels per day. The adjustment will take effect in November 2025.
The countries emphasized that the reduction could be partially or fully reversed in line with evolving market conditions. Officials highlighted the importance of retaining flexibility to pause or reverse previous production adjustments, including the 2.2 million barrels per day cut implemented in November 2023.
The participating nations also noted that the measure allows them to accelerate compensation for any overproduction since January 2024. Compliance with the Declaration of Cooperation remains a priority, with monitoring overseen by the Joint Ministerial Monitoring Committee.
To maintain oversight, the eight countries will hold monthly meetings to assess market conditions, conformity with production targets, and compensation measures. The next meeting is scheduled for 2 November 2025.
OPEC+ stressed that the cautious and flexible approach aims to support market stability while adapting to global economic trends and supply-demand dynamics.
News Source: Emirates News Agency
