The Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced plans to boost oil production by 137,000 barrels per day starting in October, following a virtual meeting of member nations.
The production increase represents a gradual reversal of voluntary cuts that were first implemented in April 2023. Eight key oil-producing nations participated in the decision, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
According to OPEC’s official statement, the participating countries conducted a comprehensive review of current global market conditions and future outlook before reaching their decision. The group cited steady global economic conditions and healthy market fundamentals, particularly noting low oil inventory levels as supporting factors for the production adjustment.
The October increase is part of a larger 1.65 million barrel per day voluntary production cut that was originally announced in April 2023 and later extended through the end of 2026. OPEC+ indicated that the full amount could be gradually restored depending on how market conditions evolve over time.
The alliance emphasized that any further adjustments to production levels will be made carefully and in response to changing market dynamics. The eight participating countries are scheduled to reconvene on October 5 to evaluate market conditions and determine their next course of action.
This measured approach to increasing output reflects OPEC+’s strategy of balancing market stability with member countries’ economic interests while responding to global energy demand patterns.
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.