VIENNA — The eight OPEC+ countries have agreed a further hike in oil output by 137,000 barrels per day (bpd) in November. The virtual meeting of the OPEC+ countries, held on Sunday, decided to implement a production adjustment of 137,000 barrels per day (bpd) from the 1.65 million bpd additional voluntary cuts announced in April 2023.

The eight countries —Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—reviewed global market conditions and outlook and opted for the same fairly modest monthly increase as in October. The group has increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5 percent of global demand.

The move comes in light of a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories. The 1.65 million bpd may be returned in part or in full, depending on evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market developments, the OPEC+ said in a statement.

As part of their ongoing efforts to support market stability, OPEC+ countries reaffirmed the importance of adopting a cautious approach and maintaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary cuts of 2.2 million bpd announced in November 2023.

They also noted that this measure will provide participating countries with an opportunity to accelerate their compensation. The members reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).

They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation, and their next meeting will be on 2 November 2025.