Eight OPEC+ members, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on September 7 to assess global oil market conditions and outlook.
They agreed to raise combined oil production by 137,000 barrels per day in October, effectively beginning the partial reversal of the 1.65 million bpd voluntary cut announced in April 2023.
The adjustment will apply from October, with flexibility to return the remaining volumes in part or in full over time, depending on evolving market conditions.
According to Russia’s Deputy Prime Minister Alexander Novak, Russia is fully compliant with OPEC+ obligations, and the overall market remains balanced. He confirmed the group will review conditions monthly and can adjust or reverse course as needed.
OPEC’s statement reiterates that the group will monitor adherence, ramp up compensation for over-production since January 2024, and continue monthly reviews of market balance and conformity.
The next meeting is set for October 5, when participants will review market conditions and set output levels for November.
