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Informist, Monday, Sept. 8, 2025

 

MUMBAI – Eight member countries of the Organization of the Petroleum Exporting Countries and its allies have agreed to implement a production hike of 137,000 barrels per day of crude oil in October. In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the organisation has decided to further increase production, it said in a release on Sunday.

 

Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman had been participating in voluntary production cuts, initially started in November 2023, which were scheduled to be phased out by end of 2026. But the voluntary production cuts ended ahead of schedule. The eight countries began raising output in April with a hike of 138,000 barrels per day, followed by larger-than-planned hikes of 411,000 barrels per day in May, June and July, 548,000 barrels per day in August, and 547,000 barrels per day in September.

 

OPEC will begin to unwind a tranche of curbs of 1.65 million barrels per day, which were set to remain in place till the end of 2026. These barrels may be restored in part or in full "subject to evolving market conditions," the organisation said. The eight countries will continue to closely monitor and assess market conditions, and in their continuous 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 cutback of 2.2 million barrels per day announced in November 2023.

 

The eight members of the organisation noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. These countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the joint ministerial monitoring committee.

 

In addition, the countries also confirmed to fully compensate for any overproduced volume since January 2024, the organisation said. The eight member countries will meet again on Oct. 5, it said. 

 

The following shows the required production by each of the eight member nations in October compared with September in thousand barrels per day:

 

Country	Required production in Oct (kbd)	Required production in Sept (kbd)
Algeria	963	959
Iraq	4,237	4,220
Kuwait	2,559	2,548
Saudi Arabia	10,020	9,978
UAE	3,387	3,375
Kazakhstan	1,556	1,550
Oman	804	801
Russia	9,491	9,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Reported by Shreya Shetty

Edited by Vandana Hingorani

 

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