MOSCOW, November 2. /TASS/. Eight OPEC+ countries, including Russia and Saudi Arabia, will determine their oil production plan for December during an online meeting on Sunday.
Since the beginning of 2024, eight OPEC+ members (Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria, Oman, and Kuwait) have been voluntarily curbing oil production by a combined 2.2 mln barrels per day (bpd). Beginning in April 2025, these countries started to gradually return the reduced volumes to the market, and by September eight OPEC+ members had fully exited the 2.2 mln bpd voluntary cuts, one year ahead of the initial schedule.
In October, these states began phasing out an additional voluntary reduction of 1.65 mln bpd, agreeing to increase production by 137,000 bpd. A decision was also made to raise production by 137,000 bpd in November.
Earlier, Reuters reported, citing industry sources, that eight OPEC+ members will consider further increasing oil production at the November 2 meeting. According to the sources, the group is likely to approve another production increase of 137,000 bpd.
The meeting is scheduled to begin at 5:00 p.m. Moscow time.