"OPEC+" It renews its commitment to the stability of the oil market and declares a gradual amendment to production levels

Vienna on July 5 / WAM / The eight member states of the “OPEC+” group, which includes “the UAE and Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman, renewed their collective commitment to support the stability of the global oil market, in light of strong indicators indicating the improvement of the basics of the market and the continued positive view of the global economy.

This came during the virtual meeting held by the eight countries today, to review the developments of the oil market and its future prospects, in the context of following up the previous decisions announced in April and November of 2023 regarding the additional voluntary amendments to production levels.

In light of the decision of the ministerial meeting of the “OPEC+” coalition, which was held today and stipulated the start of the gradual and flexible return of voluntary discounts of 2.2 million barrels per day, starting from the first of April 2025, the eight countries decided to implement an amendment to production levels, an increase of 548 thousand barrels per day during the month of August 2025 compared to the level of production in July 2025, which is equivalent to four gradual monthly increases.

The participating countries emphasized that this gradual increase is subject to stopping or retracting it according to the developments of the market, which gives the group the necessary flexibility to support the stability of the oil markets. The eight countries indicated that this amendment will provide an opportunity to expedite the compensation of the excessive quantities of production shares during the last period, renewing their full commitment to the agreement of the cooperation declaration, including the additional voluntary amendments, which are followed by the JMC’s joint ministerial monitoring committee, based on the deliberations of its fifty -third meeting on April 3, 2024.

Countries confirmed their intention to fully compensate for any surplus production quantities since January 2024, noting that they will continue to hold monthly meetings to review the market conditions, the extent of commitment and compensation mechanisms, provided that the next meeting will be held on August 3, 2025 to make decisions on production levels for the month of September.

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