OPEC+ postponed for a third time its meeting to finalize the decision on the next phase of production increases and each country’s production quota
Eight OPEC+ member countries, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to implement a production adjustment of 137,000 barrels per day (bpd) starting in December 2025, in response to what they described as steady global economic conditions and healthy oil market fundamentals.
The decision was reached during a virtual meeting held on November 2, 2025, where the eight countries reviewed market developments and assessed short-term outlooks. The latest adjustment stems from the additional voluntary cuts of 1.65 million bpd initially announced in April 2023.
According to a joint statement, the participating members noted that the oil market remains well-balanced, with relatively low inventory levels indicating strong fundamentals. The modest output reduction, they said, reflects a proactive effort to maintain market stability and align supply with evolving global demand trends.
“In view of the steady global economic outlook and current healthy market fundamentals, as reflected in low oil inventories, the participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023,” the group stated.
Read also: OPEC+ pauses output hikes for Q1 2026 after December increase
Beyond December, the eight countries agreed to pause production increments during January, February, and March 2026, citing seasonal factors that typically influence oil demand at the start of the year. The pause will ensure stability and avoid market imbalances that could arise from fluctuating demand during the winter period.
The producers also reaffirmed that the previously announced 1.65 million bpd voluntary cut may be returned, either partially or fully, depending on market conditions.
“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility,” the statement added.
The decision underscores OPEC+’s ongoing efforts to sustain price stability in a market that has been shaped by multiple supply and demand shifts over the past two years.
The group also reiterated its readiness to pause or reverse production adjustments if necessary, including the 2.2 million bpd voluntary cuts announced in November 2023.
The participating countries emphasised that the new measure would help accelerate compensation for previous overproduction, ensuring full compliance with the Declaration of Cooperation (DoC), the framework guiding OPEC+’s coordinated output management.
“The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC),” the statement read.
To strengthen oversight, the OPEC+ producers agreed to hold monthly meetings to review market conditions, conformity, and compensation progress. They also pledged to fully compensate for any overproduction from January 2024.
The next meeting of the eight participating countries is scheduled for November 30, 2025, when they are expected to re-evaluate market conditions and the effectiveness of the latest adjustment.
