Saudi Arabia, Eau and Oman have joined other members of the OPEC+ in the decision to increase oil production.
The eight OPEC+countries, which previously announced additional voluntary adjustments in April and November 2023, with Virtualy to review the conditions and perspectives of the global market.
The countries are:
- Saudi Arabia
- Russia
- Iraq
- EAU
- Kuwait
- Kazakhstan
- Algeria
- Oman
OPEC+ Oil Production
In view of the continuous foundations of the healthy market and the positive prospects of the market, and in accordance with the decision agreed on December 5, 2024, subsequently reaffirmed on March 3, 2025, to begin a gradual and flexible performance or the return return of ray adjustment millions millions of millions of millions of 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three months, equivalent to three months Increased, in May increases, in May 2025.
This includes the originally planned increase for May, in addition to two monthly increases.
Gradual increases can stop or revert subject to evolutionary market conditions. This flexibility will allow the group to continue supporting the stability of the oil market.
The eight OPEC countries also indicated that this measure will provide an opportunity for participating countries to accelerate their compensation.
The eight countries reaffirmed their commitment to voluntary production adjustments agreed at the 53rd JMMC meeting on April 3, 2024.
They also confirmed their intention to completely compensate any volume overproduced since January 2024 and send updated compensation plans with frontal load to the OPEC Secretariat before April 15, 2025, which will be published on the website of the Secretariat.
The eight OPEC+ countries will hold monthly meetings to review market conditions, compliance and compensation.
The eight countries will meet on May 5, 2025 to decide on June production levels.
