OPEC+ countries support Russia's proposal for oil production quotas in November

Eight OPEC+ countries agreed to increase oil production by 137,000 barrels per day in November during an online meeting on Sunday, October 5. About said the cartel's press service.

The agreement was signed by Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. They gathered at an online meeting to assess the situation on the global market.

As noted in the statement, the market now has healthy fundamentals, and the global economy is showing stability. At the same time, the countries decided to maintain caution and flexibility – production adjustments can be changed depending on the situation.

Earlier, Reuters and Bloomberg wrote that between Saudi Arabia and Russia disagreements arose over raising oil production quotas for November.

Russia was in favor of a moderate increase in production by 137,000 barrels per day, while Saudi Arabia and the UAE insisted on a much larger increase – from 274,000 to 548,000 barrels per day.

Thus, the OPEC+ countries supported Russia's position by increasing oil production quotas by 137,000 barrels per day in November.

Since April of this year, the cartel has abandoned its reduction strategy and has already raised quotas by more than 2.5 million barrels per day, which is about 2.4% of global demand.

The countries also reaffirmed their commitment to compensate for excess production from January 2024 and to meet monthly to review market conditions.

The next meeting will be held on November 2, 2025.

• The International Energy Agency (IEA) predicts that global oil markets will face record surplus due to a slowdown in demand growth and an increase in supply.