The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on August 3, 2025, to review global market conditions and outlook.
In light of a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories, the eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025.
This adjustment follows the December 5, 2024 decision to gradually and flexibly return the 2.2 million barrels per day voluntary cuts, starting from April 1, 2025.
This is equivalent to four monthly increments, SPA reported.
The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. 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 were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024. 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. They will meet on September 7, 2025.
