An announcement posted on OPEC’s web site on Sunday revealed that Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman “determined to implement a manufacturing adjustment of 137,000 barrels per day” in a digital assembly held on October 5.
“The eight OPEC+ international locations, which beforehand introduced further voluntary changes in April and November 2023, specifically Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met just about on 5 October 2025, to assessment international market situations and outlook,” the assertion famous.
“In view of a gradual international financial outlook and present wholesome market fundamentals, as mirrored within the low oil inventories, the eight taking part international locations determined to implement a manufacturing adjustment of 137,000 barrels per day from the 1.65 million barrels per day further voluntary changes introduced in April 2023,” it added.
- Advertisement -
The assertion highlighted that this adjustment can be applied in November. Based on a desk accompanying the assertion, Saudi Arabia and Russia’s adjustment quantities to 41,000 barrels per day, every. Iraq’s involves 18,000 barrels per day, the UAE’s is 12,000 barrels per day, Kuwait’s is 10,000 barrels per day, Kazakhstan’s is 7,000 barrels per day, Algeria’s is 4,000 barrels per day, and Oman’s is 4,000 barrels per day, the desk outlined.
The desk highlighted that November 2025 “required manufacturing” is 10.061 million barrels per day for Saudi Arabia, 9.532 million barrels per day for Russia, 4.255 million barrels per day for Iraq, 3.399 million barrels per day for the UAE, 2.569 million barrels per day for Kuwait, 1.563 million barrels per day for Kazakhstan, 967,000 barrels per day for Algeria, and 808,000 barrels per day for Oman.
“The 1.65 million barrels per day could also be returned partially or in full topic to evolving market situations and in a gradual method,” the OPEC assertion stated.
“The international locations will proceed to intently monitor and assess market situations, and of their steady efforts to help market stability, they reaffirmed the significance of adopting a cautious strategy and retaining full flexibility to pause or reverse the extra voluntary manufacturing changes, together with the beforehand applied voluntary changes of the two.2 million barrels per day introduced in November 2023,” it added.
“The eight OPEC+ international locations additionally famous that this measure will present a chance for the taking part international locations to speed up their compensation. The eight international locations reiterated their collective dedication to realize full conformity with the Declaration of Cooperation, together with the extra voluntary manufacturing changes that can be monitored by the Joint Ministerial Monitoring Committee,” it continued.
“In addition they confirmed their intention to completely compensate for any overproduced quantity since January 2024,” it went on to state.
The OPEC assertion additionally highlighted that the eight OPEC+ international locations will maintain month-to-month conferences “to assessment market situations, conformity, and compensation”. It added that the eight international locations will meet once more on November 2.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone by the SEB crew on Monday morning, SEB Chief Commodities Analyst Bjarne Schieldrop outlined that the oil worth was “down on concern for an excessive amount of oil from OPEC+” however added that it was “rebounding 1.2 p.c [today] as the rise wasn’t as dangerous as feared”.
“This morning Brent is leaping 1.2 p.c to $65.3 per barrel on the again of the choice by OPEC+ yesterday to solely elevate the quota by 137,000 barrels per day in November quite than the dreaded speedy improve of 500,000 barrels per day,” Schieldrop famous within the report.
“This tells the market a number of issues. For one which the group is certainly to a point cautious by way of lifting the quotas farther from right here,” he stated.
“The group will not be recklessly opening the floodgates and crashing the value. Nevertheless it additionally tells us that at a worth of $64.5 per barrel (the closing worth on Friday) and amid more and more weakening of the crude curve buildings (disappearing front-end backwardation), the group will proceed to elevate its quotas progressively,” he continued.
“The group’s ache level worth is thus decrease than $64.5 per barrel, so we’re on a gradual course decrease until we expertise sudden outages,” Schieldrop warned.
In an oil market replace despatched to Rigzone by the Rystad Power crew on Sunday, Susan Bell, Rystad Power Senior Vice President, Commodity Markets – Oil, stated, “the market has flipped from tight to tepid, with additional manufacturing will increase from OPEC+ testing worth help”.
“Provide is simply transferring in a single path, and with demand weakening, the rest of 2025 can be a one-two punch for crude costs,” Bell warned.
Within the replace, Bell said that international liquids balances have shifted decisively into surplus after a interval of tightness that started mid-2024 by way of 2025.
“The important thing turning level has been the regular unwinding of OPEC+ manufacturing cuts, that are set so as to add near 2.5 million barrels per day of provide within the second half of 2025, mixed with continued resilience in non-OPEC+ progress,” Bell stated within the replace.
“This isn’t a blip; it’s a transparent evolution as we strategy 2026,” Bell warned.
“The implications prolong nicely past the rest of this 12 months, with 2026 set to inherit each increased inventory ranges and looser fundamentals, putting sustained stress on crude costs,” Bell went on to state.
Rigzone has contacted OPEC for touch upon the SEB report and Rystad oil market replace. On the time of writing, OPEC has not responded to Rigzone.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
