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Tengrinews.kz – Eight OPEC+ member countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — which had previously implemented additional voluntary oil production cuts, have agreed to adjust production levels in December by 137,000 barrels per day, according to a statement released on the organization’s official website following an online meeting on Sunday, November 2.
“Given the stable global economic outlook and healthy market fundamentals reflected in low oil inventories, the eight participating countries have decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day in additional voluntary adjustments announced in April 2023,” the statement said.
The adjustment will take effect in December.
Taking into account seasonal factors, member states also decided to suspend production increases in January, February, and March 2026.
The statement clarifies that the 1.65 million bpd adjustment may be partially or fully reversed depending on changes in market conditions and will be done gradually.
“The countries confirmed the importance of maintaining a cautious approach and full flexibility to continue suspending or reversing additional voluntary production adjustments, including the previously implemented voluntary adjustments of 2.2 million barrels per day announced in November 2023,” the press release noted.
This measure, according to OPEC+, will accelerate the compensation process for participating countries.
Additionally, the nations pledged to fully offset any overproduction that occurred since January 2024. To ensure continuous market monitoring and compliance, OPEC+ countries will hold monthly meetings. The next meeting is scheduled for November 30.
Photo: www.opec.org
As a reminder, in September, OPEC+ announced that, given the stable global economic outlook and low oil inventories, member states had decided to increase production by 137,000 barrels per day from the voluntary cuts announced in April 2023 — a change that took effect in October.
