VIENNA, AUSTRIA (By OPEC, 3.Aug.2025, Words: 294) — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production.
The 8 OPEC+ countries, which previously announced additional voluntary adjustments in Apr. and Nov. 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 Aug. 2025, to review global market conditions and outlook.
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 Dec. 2024 to start a gradual and flexible return of the 2.2 million barrels per day (MMb/d) voluntary adjustments starting from 1 Apr. 2025, the 8 participating countries will implement a production adjustment of 547 thousand barrels per day (Mb/d) in Sep. 2025 from Aug. 2025 required production level.
This is equivalent to 4 monthly increments as detailed in the table below. The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.
The 8 OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The 8 countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on 3 Apr. 2024.
They also confirmed their intention to fully compensate for any overproduced volume since Jan. 2024. The 8 OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 7 Sep. 2025.
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