November 3, 2025
The eight members of the OPEC+ comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on Sunday to review global oil market conditions and the outlook.
According to an OPEC statement released from the meeting, the group agreed to raise oil production by 137,000 barrels per day (bpd) in December, while pausing further increases from January to March 2026 due to seasonality.
The 137,000-bpd output increase, representing a partial and gradual return of the 1.65 million bpd additional voluntary cuts announced in April 2023, was made in light of a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories.
READ MORE; Crude Oil Prices Rise Ahead of OPEC+ Meeting
Members of the OPEC+ also reaffirmed their commitment to closely monitor market developments and maintain full flexibility to pause or reverse the adjustments, including the 2.2 million bpd voluntary cuts announced in November 2023.
The eight producers had at their previous meeting on Oct. 5, decided to raise output by the same amount of 137,000 bpd for November.
OPEC+ group has scheduled it next meeting for Nov. 30. OPEC+ production cuts had reached 5.85 million bpd in March, equivalent to around 5.7% of global demand.
These cuts reflect cumulative measures announced by member countries since late 2022, including the 2 million bpd reduction in October 2022, the 1.65 million bpd voluntary cut by eight members in April 2023, and the 2.2 million bpd additional voluntary reduction in November 2023.
Member countries fully returned the 2.2 million bpd cut by the end of September and began a gradual rollback of the 1.65 million bpd cut in October.
