8 OPEC+ members agree to 137,000 bpd output hike in October

OPEC+ members Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman are set to meet on Oct. 5

Eight OPEC+ members — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — agreed today, Sept. 7, to implement a production adjustment of 137,000 barrels per day (bpd) from the group’s additional 1.65 million-bpd voluntary cuts, effective October 2025.

This came amid a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, OPEC said in a statement.

The 1.65 million bpd may be returned in part or in full, in a gradual manner, depending on the evolving market conditions, it added.

The countries will continue to closely monitor and assess market conditions. In their efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of 2.2 million bpd that had been announced in November 2023.

The eight OPEC+ countries also noted that this measure will pave the way for other participating countries to accelerate their compensations. In addition, they reiterated their collective commitment to achieve full compliance with the Declaration of Cooperation, including the additional voluntary cuts, monitored by the Joint Ministerial Monitoring Committee (JMMC).

They also confirmed their intention to fully compensate for any surplus output since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They are scheduled to will meet on Oct. 5.