Eight OPEC+ countries will implement a production adjustment of 547,000 barrels per day in September, citing steady global economic outlook and healthy market fundamentals reflected in low oil inventories, the organisation reported on August 3.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman met virtually to review global market conditions and outlook. The production increase represents four monthly increments as part of a gradual return of the 2.2mn barrels per day voluntary adjustments agreed in December 2024.

The adjustment comes in accordance with the decision agreed on December 5, 2024 to start a gradual and flexible return of voluntary production cuts beginning April 1, 2025. The phase-out of additional voluntary production adjustments may be paused or reversed subject to evolving market conditions.

The eight countries noted that this measure will provide an opportunity for participating nations to accelerate their compensation for overproduction. They reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee.

The countries confirmed their intention to fully compensate for any overproduced volume since January 2024. The flexibility in the adjustment mechanism will allow the group to continue supporting oil market stability whilst responding to changing conditions.

The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity and compensation, with their next meeting scheduled for September 7, 2025.

The decision reflects OPEC+ confidence in current market conditions whilst maintaining the flexibility to adjust production levels based on evolving global economic circumstances and oil market dynamics.