Riyadh: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman have reaffirmed their commitment to maintaining stability in the global oil market by implementing a strategic production adjustment. These eight OPEC+ countries, which had previously announced additional voluntary adjustments in 2023, convened virtually on September 7, 2025, to review the current global market conditions and outlook.
According to Saudi Press Agency, the decision to adjust production comes in light of a steady global economic outlook and healthy market fundamentals, characterized by low oil inventories. The participating countries agreed to implement a production adjustment of 137 thousand barrels per day from the additional 1.65 million barrels per day adjustments announced in April 2023. This adjustment is set to take effect in October 2025. The possibility of returning the 1.65 million barrels per day in part or full remains, depending on evolving market conditions, and will be carried out gradually. The countries emphasized the importance of maintaining a cautious approach and retaining flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented adjustments of 2.2 million barrels per day announced in November 2023.
The OPEC+ nations highlighted that this measure offers an opportunity for the participating countries to expedite their compensation efforts. They reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
Furthermore, the eight countries confirmed their intention to fully compensate for any overproduced volumes since January 2024. To ensure ongoing market stability, they will hold monthly meetings to review market conditions, conformity, and compensation. The next meeting is scheduled for October 5, 2025.