OPEC+ to raise oil output by 137,000 bpd from November

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to implement a production increase of 137,000 barrels per day (bpd) starting November 2025.

The decision followed a virtual meeting held on Sunday.

The meeting involved Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — the same countries that previously announced additional voluntary output cuts in April and November 2023.

In a statement on Sunday, the oil cartel said the move is aimed at maintaining market stability amid steady global economic growth and low oil inventories.

OPEC+ said the adjustment will be drawn from the 1.65 million bpd voluntary cut announced in April 2023.

The group said the measure may be reversed “in part or in full,” depending on evolving market conditions.

The eight countries reaffirmed their “cautious and flexible” stance, saying the move was designed to support price stability and balance supply with demand.

“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.

They added that the joint ministerial monitoring committee (JMMC) will continue to track compliance with the Declaration of Cooperation and all voluntary production adjustments.

The countries also pledged to fully compensate for any excess output since January 2024, underscoring their “collective commitment” to conformity under the OPEC+ framework.

In April 2023, the alliance announced additional voluntary cuts of 1.65 million bpd, followed by a further 2.2 million bpd reduction in November 2023.