8 OPEC+ countries OK output hike of 137,000 bpd in November

The eight OPEC+ countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—approved, in a virtual meeting held today, the implementation of a production adjustment of 137,000 barrels per day (bpd) from the 1.65 million bpd additional voluntary cuts announced in April 2023.

This adjustment will be implemented in November 2025.

The move comes in light of a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories, according to a statement issued by the oil organization.

The 1.65 million bpd may be returned in part or in full, depending on evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market developments, the statement added.

As part of their ongoing efforts to support market stability, OPEC+ countries reaffirmed the importance of adopting a cautious approach and maintaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary cuts of 2.2 million bpd announced in November 2023.

They also noted that this measure will provide participating countries with an opportunity to accelerate their compensation. The members reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).

They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 2 November 2025, according to the statement.