"OPEC+" Amending production levels by 137 thousand barrels per day as of November
Vienna on October 5 / WAM / The eight member states of the “OPEC+” coalition decided to implement a production amendment by 137 thousand barrels per day out of the additional voluntary discounts of 1.65 million barrels per day announced in April 2023, provided that this amendment is applied as of November 2025.
A statement issued by the UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and the Sultanate of Oman after a meeting through visual communication today to review the global oil market conditions and future prospects, stated that the amount of 1.65 million barrels per day may be partly or completely restricted to the market developments, stressing the continuation of the eight countries to follow up and evaluate the market conditions closely.
The countries stressed the importance of adopting a cautious approach and maintaining complete flexibility to stop or reflect any additional voluntary adjustments, including the previous voluntary discounts of 2.2 million barrels per day, which were announced in November 2023 in support of the market stability and balance.
The statement stressed that this procedure will contribute to enabling the participating countries to accelerate compensation operations, renewing their collective commitment to achieving the full compliance with the announcement of cooperation, including the additional voluntary amendments that will be subject to follow -up by the joint ministerial committee for monitoring.
The eight countries also confirmed their intention to fully compensate for any excessive amounts of production since January 2024, noting that they will continue to hold monthly meetings to review the market conditions, compliance and compensation levels, provided that the next meeting will be held on November 2, 2025.
The statement emphasized the commitment of the eight common countries to support the stability of the global oil market in light of the strong foundations that the market is currently witnessing and the prospects for global economic growth stable through amendments to production levels.
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