MOSCOW, September 7. /TASS/. Eight OPEC+ countries, including Russia and Saudi Arabia, will decide on an oil production plan for October at an online meeting on Sunday.
Since the beginning of 2024, the OPEC+ nations — Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kazakhstan, Algeria, Oman and Kuwait — have voluntarily reduced oil production by a total of 2.2 million bpd.
Since April 2025, these countries have begun to gradually return the reduced barrels to the market. In April, the production increase amounted to 138,000 bpd, from May to July to 411,000 bpd each month, in August to 548,000 bpd and in September to 547,000 bpd. This is how the OPEC+ group of eight will completely end the voluntary cuts of 2.2 million bpd a year earlier than the original plan.
Bloomberg, citing sources, reported the day before that Saudi Arabia is promoting an accelerated increase in oil production by OPEC+ members to restore its market share. It said the OPEC+ will consider what to do with the remaining limit on oil production of 1.65 million bpd, which is valid until the end of 2026.
Russian Deputy Prime Minister Alexander Novak earlier said that the OPEC+ group of eight makes decisions during meetings.
"We don't have an agenda, we always consider the current situation and forecasts as a whole, and based on this, we resolve issues on the spot," he said.
The meeting of the eight OPEC+ countries is scheduled to begin at 2 p.m. Moscow time.