By John Lee.
The eight OPEC+ countries, including Iraq, have agreed to the continuing of their phased rollback of 2.2 million bpd in voluntary cuts that began in April.
According to a statement from OPEC, the decision, taken during a virtual meeting on 3rd August, reflects confidence in current oil market fundamentals, including low inventory levels and a stable global economic outlook. The countries reiterated that the adjustment aligns with the 5th December 2024 agreement, which allows for a gradual and flexible return of production, with the ability to pause or reverse adjustments depending on market conditions.
The group also stressed the importance of compensating for any overproduction since January 2024 and confirmed their collective commitment to the Declaration of Cooperation, which is being monitored by the Joint Ministerial Monitoring Committee (JMMC).
Regular monthly reviews will continue, with the next meeting scheduled for 7th September 2025.
Full statement from OPEC:
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 August 2025, to review global market conditions and outlook.
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from August 2025 required production level. This is equivalent to four monthly increments as detailed in the table below. The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024.
They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on September 7, 2025.
(Source: OPEC Secretariat)
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