Eight OPEC+ countries said on Sunday they would implement a production adjustment of 137,000 barrels per day (bpd) in November, reducing part of the additional voluntary cuts announced in April 2023, the group said in an OPEC press release.
The eight countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — met virtually to review global market conditions and outlook.
The OPEC statement said the adjustment stems from “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”
The 137,000 bpd comes out of the 1.65 million bpd additional voluntary adjustments announced in April 2023.
The group said that the 1.65 million may be returned in part or in full over time depending on evolving market conditions.
The OPEC+ countries reaffirmed their cautious stance
The countries reaffirmed their commitment to a cautious approach, retaining full flexibility to pause or reverse the additional voluntary production adjustments, including earlier cuts of 2.2 million bpd announced in November 2023.
They also noted the measure could accelerate compensation, and confirmed they intend to fully compensate for any overproduction since January 2024.
Going forward, the eight countries will hold monthly meetings to review market conditions, conformity and compensation.
Their next meeting is scheduled on November 2.
