RIYADH: The eight OPEC+ countries that previously announced additional voluntary adjustments in April and November 2023 — namely Saudi Arabia, Russia, Iraq, the UAE, as well as Kuwait, Kazakhstan, Algeria, and Oman — met virtually on Nov. 2 to review global market conditions and the outlook.
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023. This adjustment will be implemented in December 2025.
Beyond December, due to seasonality, the eight countries also decided to pause production increments in January, February, and March 2026, as detailed in the table below.
The participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full, subject to evolving market conditions and in a gradual manner.
The countries will continue to closely monitor and assess market conditions, and in their ongoing efforts to support market stability, 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 adjustments of 2.2 million barrels per day announced in November 2023.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating members to accelerate their compensation. They reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee.
They also confirmed their intention to fully compensate for any overproduced volumes since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for Nov. 30, 2025.
