Overview
- The group of eight—Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Kuwait, Oman and Algeria—approved a collective November increase of 137,000 barrels per day.
- New country targets include Russia at 9.532 million barrels per day and Saudi Arabia at 10.061 million, each up by 41,000 barrels per day from October.
- OPEC said participants retain full flexibility to pause or cancel planned increases based on market conditions, with the next review meeting set for November 2.
- Updated compensation plans require Russia, Iraq, the UAE, Kuwait, Kazakhstan and Oman to offset prior overproduction totaling 4.679 million barrels per day through June 2026, constraining effective output below headline quotas.
- S&P Global Commodity Insights said the phased return strategy has contained price declines so far and could allow additional volumes to come back if demand warrants.