Energy Insider: OPEC+ to Increase Oil Production in October

Published: Sep. 8, 2025 6:21 p.m. GMT+8

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OPEC+ to increase production in October

OPEC+ announced on Sept. 7 after a virtual meeting that it would increase production by another 137,000 barrels per day in October 2025. The decision was based on a stable global economic outlook and strong market fundamentals reflected in low oil inventories. This increase is part of a gradual restoration of the 1.65 million barrels per day of production cuts announced in April 2023.

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Who’s Who

China National Uranium Co. Ltd.: China National Uranium Co. Ltd.'s main board IPO was approved by the Shenzhen Stock Exchange listing committee on September 5. The company's actual controller is China National Nuclear Corp.

China National Nuclear Corp.: China National Nuclear Corp. (中国核工业集团有限公司) is the actual controller of China National Uranium Co. Ltd. This information was noted following the approval of China National Uranium's IPO by the Shenzhen Stock Exchange listing committee.

Sinopec: Sinopec has formed a joint venture with Fujian Petrochemical Co. Ltd. and Saudi Aramco, called Fujian Sino-Arab Petrochemical Co. Ltd. This new company, inaugurated in Xiamen, will build and operate the second phase of the Gulei refining and chemical integration project, which began construction in November 2024.

Saudi Aramco: Saudi Aramco, in partnership with Sinopec and Fujian Petrochemical Co. Ltd., has launched Fujian Sino-Arab Petrochemical Co. Ltd. This joint venture will be responsible for the construction and operation of the second phase of the Gulei refining and chemical integration project, which began in November 2024.

Fujian Sino-Arab Petrochemical Co. Ltd.: Fujian Sino-Arab Petrochemical Co. Ltd. was officially inaugurated in Xiamen on September 7th. It's a joint venture between Sinopec, Fujian Petrochemical Co. Ltd., and Saudi Aramco. The company will oversee the construction and operation of the Gulei refining and chemical integration project's second phase. Its facilities will include a 16 million-ton-per-year refinery and a 1.5 million-ton-per-year ethylene plant.

Fujian Petrochemical Co. Ltd.: Fujian Petrochemical Co. Ltd. is a partner in Fujian Sino-Arab Petrochemical Co. Ltd., a new joint venture with Sinopec and Saudi Aramco. This joint venture will manage the construction and operation of the second phase of the Gulei refining and chemical integration project.

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