The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have announced plans to raise oil production by 137,000 barrels per day (bpd) beginning November 2025.
The decision was reached during a virtual meeting held on Sunday, attended by key member nations including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — the same countries that implemented voluntary production cuts in April and November 2023.
In a statement, OPEC+ said the production adjustment is intended to maintain market stability amid steady global economic growth and declining oil inventories.
According to the group, the output increase will come from the 1.65 million bpd voluntary cut previously agreed upon in April 2023. However, OPEC+ noted that the adjustment could be reversed “in part or in full” depending on market developments.
The alliance reiterated its “cautious and flexible” approach, emphasizing that the move supports efforts to balance supply and demand while sustaining price stability.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day,” the group said.
The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee compliance with the Declaration of Cooperation and voluntary output adjustments.
OPEC+ members also pledged to offset any excess production since January 2024, reaffirming their “collective commitment” to conformity within the framework.
The alliance previously introduced 1.65 million bpd cuts in April 2023 and an additional 2.2 million bpd reduction in November 2023 to support global oil prices.