Saudi Arabia, the UAE, Kuwait, Oman, Russia, and other OPEC+ members agreed on September 7, 2025, to cut oil output by 137,000 barrels per day starting October 2025, as part of their ongoing voluntary reductions aimed at stabilizing global markets. The move is within the broader 1.65 million bpd voluntary cuts announced in April 2023 and complements the 2.2 million bpd reductions introduced in November 2023. Ministers highlighted that the decision reflects a steady global economic outlook, low oil inventories, and healthy market fundamentals, while reaffirming their cautious, flexible approach, with the option to pause or reverse cuts depending on conditions. They also committed to fully compensating for any overproduction from January 2024, with compliance overseen by the Joint Ministerial Monitoring Committee, which will meet monthly, and progress reassessed at the next meeting on October 5.   (ICE DUBAI)

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