Oil: Saudi Arabia, Russia, Algeria, Others Reaffirm Commitment To Market Stability

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023—namely Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—met virtually on October 5, 2025, to review global market conditions and outlook.

Given the steady global economic outlook and current healthy market fundamentals, as indicated by low oil inventories, these eight countries agreed to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day in additional voluntary adjustments announced in April 2023.

This adjustment will take effect in November 2025, as outlined in the accompanying table. The 1.65 million barrels per day may be reinstated partially or fully, depending on evolving market conditions, and in a gradual manner.

The countries will continue to closely monitor and assess market conditions, reaffirming their commitment to supporting market stability and adopting a cautious approach while retaining the flexibility to suspend or reverse additional voluntary production adjustments, including the previously implemented voluntary adjustments of 2.2 million barrels per day announced in November 2023.

The eight OPEC+ countries noted that this measure would provide an opportunity for participating nations to expedite their compensation efforts.

They reiterated their collective commitment to achieving full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments which will be monitored by the Joint Ministerial Monitoring Committee (JMMC).

They confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to evaluate market conditions, conformity, and compensation, with the next meeting scheduled for November 2, 2025.