The eight Opec+ countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—reviewed market conditions and outlook, reaffirmed their 2 November 2025 decision to pause production increases in March 2026 due to seasonality, and said 1.65 million bpd may return gradually, subject to conditions.
Oman's oil exports recorded a slight increase of 0.1 percent by the end of October 2025, reaching 256,557,800 barrels, compared to 256,318,800 barrels during the same period in 2024.
Saudi Arabia’s real GDP grew by 4.8% in the third quarter compared to last year, reported SPA citing official data. All economic activities recorded y-o-y growth with oil activities surging by 8.3%, non-oil activities by 4.3% and government activities by 1.4%.
On the first anniversary of Bapco Modernisation Project, Shaikh Nasser bin Hamad Al Khalifa, Chairman of the Board of Directors of Bapco Energies, inspected the refinery, noting production had risen from 265,000 to 380,000 barrels per day, with a planned increase to 405,000 barrels per day, boosting oil exports by 40 per cent. He also inaugurated Bapco manufacturing facilities.
Oil production in Oman recorded a 0.4 per cent increase by the end of November 2025, reaching approximately 333,940,700 barrels compared to 332,693,800 barrels during the same period in 2024, according to the latest preliminary data issued by the National Centre for Statistics and Information (NCSI).
Chinese oil major CNOOC, opens new tab said that an offshore oil project in the South China Sea had commenced production. Xijiang Oilfields 24 Block Development Project, located in the shallow water of the Pearl River Mouth Basin, is expected to achieve a plateau production of about 18,000 barrels of light crude oil equivalent per day in 2026.
DNO, the Norwegian oil and gas operator, has placed its North Sea oil production with subsidiaries of Exxon Mobil Corporation and Shell effective January 2026 and secured related offtake financing facilities for up to $410 million.
BP, Woodside Energy and Chevron led the first US Gulf of Mexico oil and gas lease sale since 2023, securing top bids in an auction raising $279.4 million—about $100 million less than 2023—yet achieving the highest per-acre bids since 2017, according to Reuters analysis findings.
The NNPC/Heirs Energies OML 17 Joint Venture advanced Nigeria’s gas commercialisation and environmental goals with the signing of Gas Flare Commercialisation Agreements under the Nigerian Gas Flare Commercialisation Programme (NGFCP) and approved Non-NGFCP frameworks.
Eight Opec+ countries reaffirm pausing production increases in early 2026 and maintaining flexibility to restore or extend voluntary cuts. They emphasised cautious monitoring, full compliance with agreed adjustments, JMMC oversight, and compensating for any overproduction since January 2024.
