Abu dhabi: The eight member states of the OPEC+ group - Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman - have decided to implement a production adjustment of 137,000 barrels per day. This adjustment will be part of the total additional voluntary cuts of 1.65 million barrels per day and is set to take effect in October.

According to Qatar News Agency, a statement was issued following a virtual meeting held by these countries to review oil market developments and future outlooks. The statement highlighted that the adjustment is in response to a stable global economic outlook and positive market fundamentals, as indicated by declining oil inventories.

The member countries emphasized their commitment to closely monitor and assess market conditions to support market stability. They stressed the importance of maintaining a cautious approach and preserving the flexibility to pause or reverse additional voluntary adjustments, including the 2.2 million barrels per day in voluntary cuts announced in November 2023.

The statement further mentioned that this measure would allow participating countries to accelerate the compensation process. The countries remain committed to the Declaration of Cooperation, which includes the additional voluntary adjustments monitored by the Joint Ministerial Monitoring Committee.

Additionally, the countries pledged to fully compensate for excess production volumes since January 2024. They agreed to hold monthly meetings to review market developments, monitor compliance, and oversee the implementation of compensation plans, with the next meeting scheduled for October 5.

The 1.65 million barrels per day in cuts are being gradually restored, either partially or fully, based on market conditions.