OPEC+ has announced plans to raise crude oil production by 137,000 barrels per day in October, easing part of its voluntary output cuts in response to steady market conditions.
The decision was confirmed in a statement released on the group’s website after a virtual meeting of eight member states, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
According to OPEC, the adjustment comes from the 1.65 million bpd voluntary reduction introduced in April 2023 and extended through 2026. The group stressed that the reintroduction of output would be gradual and contingent on future market trends.
“Current fundamentals are healthy, with low inventory levels reflecting balanced supply and demand,” the statement said.
OPEC+ ministers will reconvene on 5 October to assess market developments and decide on further adjustments.
