OPEC+ Loosens Oil Cuts: 8 Members to Increase Output by 137,000 Bpd

In a significant shift signaling cautious optimism about global oil market recovery, eight members of the OPEC+ alliance, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, announced they will ease part of their voluntary production cuts beginning in November 2025.

The collective increase, amounting to 137,000 barrels per day (bpd), was agreed upon during a high-level meeting held on October 5, where ministers reviewed current market conditions and global economic outlooks. The move reflects growing confidence amid improving fundamentals and a steady drawdown in global oil inventories, which have lent support to prices in recent weeks.

“The decision is a measured response following two years of deep voluntary reductions aimed at stabilizing the market,” a senior Gulf oil official told CNN Business on condition of anonymity. “While risks remain, we are seeing encouraging signs in demand recovery and inventory normalization.”

The easing comes as part of a broader recalibration of the voluntary reductions first introduced in April and November 2023, when OPEC+ countries jointly slashed more than 3.8 million bpd to counter weak demand and economic uncertainty.

Specifically, the 137,000 bpd increase represents a minor fraction of the previously agreed cuts, notably the 1.65 million bpd voluntary reduction announced in April 2023. The group stressed that the easing will be implemented cautiously and reviewed monthly, underscoring OPEC+’s dual strategy of flexibility and vigilance.

“The fundamentals are improving, but the alliance remains committed to market stability,” said another official close to the Joint Ministerial Monitoring Committee (JMMC). “Any reversal or re-tightening of supply remains on the table.”

Despite this incremental boost, OPEC+ reaffirmed its full commitment to the broader Declaration of Cooperation, vowing to maintain compliance with voluntary reductions and ensure any production increases are offset by compensation mechanisms.

The alliance said it will closely monitor market dynamics and retains the right to “pause or reverse” any easing should conditions deteriorate. This includes the additional 2.2 million bpd voluntary cuts declared in November 2023, which remain largely intact.

Moreover, the group emphasized its intention to fully offset any overproduction since January 2024, indicating a fast-tracked path toward enhanced compliance and output discipline. Monthly meetings are scheduled going forward, with the next review set for November 2, 2025.