The eight OPEC+ countries that previously announced additional voluntary production cuts — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — convened virtually on August 3, 2025, to assess global oil market conditions and the economic outlook.
Following their earlier decision on December 5, 2024, to gradually and flexibly phase out the 2.2 million barrels per day (bpd) in voluntary cuts beginning April 1, 2025, the group confirmed it would implement a production adjustment of 547,000 bpd for September 2025, relative to August’s required levels. This move represents four incremental monthly increases.
The countries noted that the adjustment decision reflects steady global economic indicators, healthy oil market fundamentals, and low inventory levels. However, they underscored that the rollback of the voluntary production cuts could be paused or reversed depending on future market developments, providing the group with necessary flexibility to maintain market stability.
Read: Oil prices ease as traders assess US tariffs, OPEC+ output hike
Additionally, the nations affirmed this step would allow participating countries to accelerate compensation for past overproduction. They reaffirmed their full commitment to the Declaration of Cooperation and the voluntary adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting on April 3, 2024.
According to Saudi Press Agency, the eight producers also reiterated their pledge to fully compensate for any overproduction since January 2024.
Monthly meetings will continue to monitor compliance, market conditions, and compensation levels, with the next meeting scheduled for September 7, 2025.
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