OPEC +: Members agree to increase oil production by 137,000 bpd in October

On September 7, OPEC + issued a statement that, in view of the stable global economic outlook and healthy market fundamentals (reflected in low crude oil inventory levels), the eight countries decided to implement a production adjustment of 137,000 barrels per day from the additional voluntary production reduction of 1.65 million barrels per day announced in April 2023. The adjustment will be implemented from October 2025, and the specific distribution is shown in the table below. This 1.65 million barrels per day production can be partially or fully restored according to changes in market conditions, and will be carried out in a gradual manner. The eight countries will continue to closely monitor and assess market conditions and, in their continued commitment to maintaining market stability, reiterate the importance of adopting a prudent strategy and maintaining sufficient flexibility in order to suspend or reverse additional voluntary production reductions, including the voluntary production reduction of 2.20 million barrels per day announced in November 2023. At the same time, the eight countries confirmed that they will fully make up for any overproduction since January 2024. The next meeting will be held on October 5, 2025. According to sources, the OPEC + meeting lasted only about 10 minutes.