OPEC+ increases crude oil production by 137 thousand barrels per day
The eight countries decided to participate in voluntary reductions in crude oil production in OPEC and outside it. OPEC + " Increasing production by 137 thousand barrels per day from 1.65 million barrels per day from additional voluntary amendments that were announced in April 2023, with this amendment being implemented next December.
This came at a meeting of the eight OPEC+ countries, which previously announced additional voluntary amendments in April and November 2023, which are the Kingdom of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Virtually today to review global market conditions and forecasts.
An official OPEC statement explained that the decision was made given the stable global economic outlook and current healthy market fundamentals, as evidenced by the decline in oil inventories.
According to the statement, due to seasonality, the eight countries also decided to temporarily halt production increases in January, February and March 2026.
The eight participating countries reiterated that 1.65 million barrels per day could be restored partially or completely subject to developments. Market conditions and in a gradual manner.
The countries will continue to closely monitor and evaluate market conditions, and in their ongoing efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue halting or reversing additional voluntary adjustments to production, including the previously implemented voluntary adjustments of approximately 2.2 million barrels per day that were announced in November 2023. The eight OPEC+ countries indicated that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The eight countries reiterated the emphasis. It stressed its collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary adjustments in production that will be monitored by the Joint Ministerial Monitoring Committee, and affirmed its intention to fully compensate for any excessive volume of production since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, reconciliation and compensation, and will meet on November 30 again.
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