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Informist, Monday, Oct. 6, 2025

 

MUMBAI – Eight member countries of the Organization of the Petroleum Exporting Countries and its allies have agreed to implement a production increase of 137,000 barrels per day of crude oil in November from the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023. 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 the 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, 547,000 barrels per day in September, and 137,000 barrels per day in October.

 

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. The 1.65 million barrels per day may be returned in part or full, subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions and their continuous efforts to support market stability, the organisation said. They reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustment, including the previously implemented adjustments of the 2.2 million barrels per day announced in November 2023.  

 

The eight countries said 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. 

 

They also confirmed their intention to fully compensate for any overproduced volume since January 2024, the organisation said. The eight counties will meet again on Nov. 2, it said. 

 

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

 

Country	Required production in Nov (kbd)	Required production in Oct (kbd)
Algeria	967	963
Iraq	4,255	4,237
Kuwait	2,569	2,559
Saudi Arabia	10,061	10,020
UAE	3,399	3,387
Kazakhstan	1,563	1,556
Oman	808	801
Russia	9,532	9,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Reported by Reshma Ravi

Edited by Avishek Dutta

 

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