VIENNA, Oct 5 (KUNA) -- Kuwait, Saudi Arabia, UAE, Oman, Iraq, Algeria, Kazakhstan, and Russia reaffirmed Sunday their joint commitment to global oil market stability amid what they described as strong market fundamentals and stable global economic outlook.
The eight countries said in a statement following their virtual meeting that the gathering aimed to review the oil market's conditions and future prospects, noting that current data, including lower oil inventory levels, reflect a healthy market balance.
The statement explained that participating countries decided to implement a production adjustment of 137,000 barrels per day from the total additional voluntary cut of 1.65 million barrels per day announced in April 2023, effective November 2025.
It added that these volumes could be partially or fully returned to the market gradually depending on market developments, stressing that the concerned countries will continue closely monitoring market conditions to maintain stability.
The statement emphasized a cautious approach and retaining full flexibility to halt or reverse any additional voluntary cuts, including those announced in November 2023 amounting to 2.2 million barrels per day.
It noted that this measure will enable participating countries to accelerate implementing compensation programs for quantities produced above quotas since January 2024, reaffirming full commitment to the cooperation declaration and its mechanisms.
The statement highlighted that the eight countries will hold monthly meetings to review market conditions, compliance, and compensation levels, with the next meeting scheduled for November 2, 2025. (end) amg.aai