Riyadh: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman have reaffirmed their commitment to maintaining market stability amidst current healthy oil market fundamentals and a steady global economic outlook.
According to Saudi Press Agency, these eight OPEC+ countries, which had previously announced additional voluntary adjustments in April and November 2023, convened virtually on October 5, 2025, to assess global market conditions and outlook. In response to a steady global economic outlook and healthy market fundamentals underscored by low oil inventories, the participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment is set to be implemented in November 2025. The possibility remains that the 1.65 million barrels per day may be reinstated partially or fully, depending on evolving market conditions, and in a gradual manner.
The countries emphasized their ongoing commitment to closely monitor and assess market conditions. In their efforts to support market stability, they underscored the importance of retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the earlier voluntary adjustments of 2.2 million barrels per day announced in November 2023.
Furthermore, the eight OPEC+ countries noted that the production adjustment would provide an opportunity for participating countries to accelerate their compensation. They reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments, which will be overseen by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intent to fully compensate for any overproduced volume since January 2024. Monthly meetings will be held to review market conditions, conformity, and compensation, with the next meeting scheduled for November 2, 2025.