“OPEC+” confirms its commitment to the stability of the market and decided to increase its production gradually from May 2025
Abu Dhabi, April 3 / WAM / Eight countries from the “OPEC+” coalition, including the UAE and the Kingdom of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and the Sultanate of Oman, confirmed its commitment to the stability of the oil market, in light of the continued improvement of the basics of the market and positive expectations.
This came during a hypothetical meeting held by the eight countries today to review the conditions of the global market and its future prospects, within the framework of the decision taken on December 5, 2024, which was confirmed again on March 3, 2025, regarding the start of the gradual and flexible return of voluntary production cuts of 2.2 million barrels per day starting from April 1, 2025.
According to what was agreed upon, the participating countries will implement production amendment by 411 thousand barrels per day during May 2025, which is equivalent to three grouped monthly increases. This amendment includes the previously prescribed increase for May, in addition to two additional increase.
The countries also made it clear that these gradual increases may be stopped or reflected according to the market developments, to ensure the continued support of the stability of the oil markets.
The eight countries emphasized that this measure will allow the participating countries to accelerate compensation for any excessive amounts of production, stressing their commitment to the voluntary discounts agreed at the 53rd meeting of the Joint Ministerial Committee for Monitoring (JMMC), which was held on April 3, 2024.
In this context, the participating countries confirmed their intention to fully compensate for any excessive amount of production since January 2024, and their commitment to providing updated compensation plans to the “OPEC” secretariat by April 15, 2025, as it will be published on the website of the General Secretariat.
The eight countries agreed to hold monthly meetings to review the market conditions and the extent of adherence to production decisions and compensation plans, provided that the next meeting will be held on May 5, 2025 to take a decision on production levels for the month of June.
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