Eight OPEC+ countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — have agreed to implement a new production adjustment of 137,000 barrels per day starting in October 2025, as part of their ongoing voluntary cuts.
The decision was made during a virtual meeting on September 7, where ministers reviewed global market conditions and reaffirmed their commitment to supporting stability in oil markets.
In a joint statement, the group noted that the move comes “in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”
OPEC+ cuts
The production adjustment is part of the broader 1.65 million barrels per day voluntary cuts announced in April 2023, and the countries stressed that this volume may be returned gradually depending on market conditions.
They also reiterated their commitment to a cautious and flexible approach, retaining the option to pause or reverse voluntary adjustments, including the 2.2 million barrels per day of cuts introduced in November 2023.
The eight countries emphasised that the measure will provide an opportunity to accelerate compensation for any past overproduction.
They confirmed their intention to fully compensate for any overproduced volumes since January 2024.
The cuts and compliance will be monitored by the Joint Ministerial Monitoring Committee (JMMC), with monthly meetings scheduled to review conformity and market conditions.
The eight OPEC+ countries will reconvene on October 5 to assess progress.
