Baku: Eight OPEC+ countries, including Russia and Saudi Arabia, are set to determine their oil production strategy for December during an online meeting scheduled for Sunday. This decision comes as part of ongoing efforts to manage global oil supply and demand dynamics.
According to Azeri-Press News Agency, since the start of 2024, the eight OPEC+ nations-comprising Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria, Oman, and Kuwait-have collectively reduced oil production by 2.2 million barrels per day (bpd). This voluntary reduction was initially implemented to stabilize the oil market. In April 2025, these countries commenced the gradual reintroduction of the reduced barrels into the market, and by September, they had completely phased out the voluntary cuts ahead of the initial schedule.
In October, these countries began the process of gradually eliminating the 1.65 million bpd oil production cut, with an agreement to increase production by 137,000 bpd. A similar decision to boost production by the same volume was made for November, reflecting the ongoing adjustments in their production strategies.