OPEC+ Will Increase Oil Production

• 5.10.2025, 15:50

From November.

OPEC+ countries plan to raise oil production from November, Reuters and Bloomberg reported, citing sources close to the talks.

Russia and Saudi Arabia had different views ahead of the meeting, the agencies found out. According to their data, Riyadh offered to increase production levels by half or even more to restore its share of the global market, up to 548,000 barrels. Russia, on the contrary, insists on a more cautious increase to avoid pressure on prices due to export restrictions.

The parties came to an agreement, it will be formally fixed at an online meeting on Sunday, October 5.

OPEC+ produces about 50% of the world's oil and unites the exporting countries and their allies. The eight OPEC+ member states voluntarily cut oil production in April 2023 to stabilize the market, and in April 2025 began to gradually increase it.

September 7, the OPEC press service reported that the eight leading OPEC+ countries decided to adjust oil production by 137,000. bpd "from the 1.65 million barrels per day of additional voluntary cuts announced in April 2023."

OPEC said the decision to increase production was made given the stable global economic outlook and current healthy market fundamentals, which is reflected in low oil inventories.