Vienna: Eight OPEC+ countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — have agreed to increase oil production by 137,000 barrels per day (bpd) in October.
The decision, taken at a virtual meeting on Sunday, follows a stable global economic outlook and healthy oil market fundamentals. The adjustment is part of the 1.65 million bpd voluntary cuts announced in April 2023, which may be restored gradually depending on market conditions.
OPEC+ members reaffirmed their commitment to market stability, stressing they retain flexibility to pause or reverse adjustments, including the 2.2 million bpd cuts made in November 2023. They also pledged to compensate for any overproduction since January 2024, monitored by the Joint Ministerial Monitoring Committee (JMMC).
At their August meeting, OPEC+ had raised output by 547,000 bpd for September. The group, which supplies nearly half of the world’s oil, will continue monthly reviews, with the next meeting scheduled for October 5.
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