The Organisation of Petroleum Exporting Countries and its allies, OPEC+, have agreed to raise oil production by 137,000 barrels per day starting November 2025 to support market stability.
The decision followed a virtual meeting on October 5 involving Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
According to a statement issued after the meeting, the adjustment represents a partial return of the 1.65 million barrels per day voluntary production cuts announced in April 2023.
OPEC+ said the increase reflects “a steady global economic outlook and healthy market fundamentals,” noting that oil inventories remain low.
The group also reaffirmed its flexibility to pause or reverse the adjustment depending on evolving market conditions and price stability.
The statement added that the decision provides an opportunity for member countries to accelerate compensation for previous overproduction, while maintaining conformity with the group’s Declaration of Cooperation.
“The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation,” the statement read.
They are scheduled to reconvene on November 2, 2025, to reassess market performance and determine further actions.
