Decision from OPEC that will affect the fuel market
According to a statement from OPEC, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and certain non-OPEC producing countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting to evaluate global market conditions and the outlook.
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At the meeting, in line with the countries' "joint commitment to support stability in the oil market" and within the scope of the additional voluntary production cuts of 1.65 million barrels per day announced in April 2023, it was decided to increase their total production by 188 thousand barrels per day starting from September.
Under the decision, the highest production increases will be implemented by Saudi Arabia and Russia, with 62 thousand barrels per day each. Next month, Iraq will increase production by 26 thousand barrels per day, Kuwait by 16 thousand barrels, Kazakhstan by 10 thousand barrels, Algeria by 6 thousand barrels, and Oman by 5 thousand barrels.
The group's next meeting will be held on September 6.
PRODUCTION CUTS
The OPEC+ group's production cuts had reached 5.85 million barrels per day as of March 2025. This amount consisted of the 2 million barrels per day production cut announced by the group in October 2022, the 1.65 million barrels per day voluntary cut announced in April 2023, and the 2.2 million barrels per day additional voluntary cut announced in November 2023.
The countries in question had reversed 2.2 million barrels per day of these cuts by gradually increasing production during the April-September period of last year. Starting from October 2025, the process of gradually phasing out the 1.65 million barrels per day cut was initiated.