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The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have announced plans to increase oil production by 137,000 barrels per day (bpd) in October.

The decision was disclosed in a statement released on OPEC’s website following a virtual meeting of member states, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

According to the group, “The eight participating countries decided to implement a production adjustment of 137,000 bpd from the 1.65 million bpd additional voluntary adjustments announced in April 2023.”

OPEC explained that the move reflects the current stability in the global economy and healthy market fundamentals. “The global economic outlook is steady, and current market fundamentals are healthy, which is reflected in the low oil inventories,” the statement noted.

The organisation also stressed that the previously announced voluntary cut of 1.65 million bpd, first introduced in April 2023 and extended until the end of 2026, could be partially or fully returned depending on evolving conditions. “The 1.65 million bpd may be returned in part or in full, subject to evolving market conditions and in a gradual manner,” OPEC added.

The coalition confirmed that its next meeting will take place on October 5, when further decisions on production adjustments will be made.

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