OPEC+ To Increase Oil Production 137,000 Bpd In October

2025-09-07 07:03:55

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Sept 7 (KUNA) -- OPEC Plus members agreed on Sunday in an online meeting to raise production from October by 137,000 barrels per day.
A statement by the organization said, "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 from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023."
The statement added, "this adjustment will be implemented in October 2025 as detailed in the table below.
The 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner," the statement said.
"The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023," the statement added.
"The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC)," the statement said.
"They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation.
The eight countries will meet on 5 October 2025," the statement added. (end)
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