Riyadh: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman have reaffirmed their commitment to maintaining market stability in light of current healthy oil market fundamentals and a steady global economic outlook. These eight OPEC+ countries recently convened virtually to review global market conditions and future outlooks.
According to Saudi Press Agency, the meeting, held on August 3, 2025, involved discussions on the implementation of a production adjustment of 547,000 barrels per day in September 2025. This adjustment is part of a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments agreed upon in December 2024, which began on April 1, 2025.
The countries emphasized that the phase-out of additional voluntary production adjustments may be paused or reversed depending on evolving market conditions. This approach is intended to support continued oil market stability, allowing the group to adapt to changes while accelerating compensation efforts.
The participating nations reiterated their commitment to achieving full conformity with the Declaration of Cooperation. They also confirmed their plan to compensate for any overproduced volume since January 2024, with the additional voluntary production adjustments being monitored by the JMMC during its 53rd meeting on April 3, 2024.
The OPEC+ countries plan to hold monthly meetings to assess market conditions, conformity, and compensation. Their next meeting is scheduled for September 7, 2025.