RIYADH (Realist English). Eight key OPEC+ countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — have agreed to reduce their combined oil production by 547,000 barrels per day in September 2025, citing robust market fundamentals and a stable global economic outlook.
The decision was announced after a virtual meeting on August 3, where the countries reviewed current supply-demand conditions. The move is part of a broader effort to gradually unwind the 2.2 million bpd in additional voluntary cuts announced in December 2024, with phased adjustments beginning in April 2025.
According to the joint statement, the cuts reflect “healthy market fundamentals” — including low inventory levels — and are intended to ensure continued balance in the global oil market. The eight producers stressed that the phase-out remains flexible, and may be paused or reversed depending on how market conditions evolve.
The group also pledged to compensate for any excess output since January 2024 and reiterated their commitment to full compliance with the Declaration of Cooperation, which is monitored by the Joint Ministerial Monitoring Committee (JMMC). The JMMC first approved the phased return of supply during its 53rd session in April 2024.
Monthly meetings will be held to reassess market dynamics, conformity, and compensation progress. The next session is scheduled for September 7, 2025.
The decision signals the group’s determination to maintain price stability despite shifting geopolitical and economic pressures.
