Riyadh: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman have reaffirmed their commitment to maintaining market stability by adjusting oil production levels. The decision comes in light of the current healthy oil market fundamentals and a steady global economic outlook.

According to Saudi Press Agency, the eight OPEC+ countries, which had previously announced additional voluntary adjustments in April and November 2023, convened virtually on November 02, 2025, to assess global market conditions. In response to the steady economic outlook and healthy market fundamentals, the countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day announced in April 2023. This adjustment is slated for implementation in December 2025.

Looking beyond December, the countries have decided to pause production increments in January, February, and March 2026 due to seasonality. They reiterated that the 1.65 million barrels per day adjustment could be reinstated partially or fully, depending on evolving market conditions. The nations emphasized the need for a cautious approach, retaining the flexibility to pause or reverse these additional adjustments. This includes the previously declared voluntary adjustments of 2.2 million barrels per day in November 2023.

The participating nations highlighted that the measures would allow for accelerated compensation. They expressed a collective commitment to achieving full conformity with the Declaration of Cooperation, including monitoring by the Joint Ministerial Monitoring Committee (JMMC). The countries also confirmed their intention to compensate for any overproduction since January 2024.

The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for November 30, 2025.