On October 5, 2025, the Organization of the Petroleum Exporting Countries (OPEC) and eight major non OPEC oil producing countries held an online meeting and decided to maintain a daily increase of 137000 barrels of crude oil in November.These 8 countries are Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. This increase in production measure is a correction to the previous voluntary reduction in production. These eight countries announced voluntary production cuts of 2.2 million barrels of crude oil per day in November 2023, and have since extended the cuts multiple times until the end of March 2025. However, during this period, the increase in crude oil production in countries such as the United States and Canada resulted in OPEC losing some market share.In March of this year, the G8 decided to gradually increase crude oil production from April 1st. The average daily increase in production in May, June, and July was 411000 barrels, the average daily increase in production in August was 548000 barrels, the average daily increase in production in September was 547000 barrels, and the average daily increase in production in October was 137000 barrels. The increase in production in November will continue the same level as in October.After the announcement, international oil prices both strengthened, with gains exceeding 1%. However, multiple institutions have issued warnings about the market outlook, and the International Energy Agency has pointed out that if the current production trend continues, the excess supply of crude oil in 2026 may reach the highest level in history.

Author of this news: Ding Shuhan

Date: October 11th, 2025