OPEC+ reaffirms commitment to market stability with production adjustment

OPEC+ members Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability and an improved oil market outlook during a virtual meeting on 3 April 2025.

The group confirmed its decision to adjust production upwards by 411,000 barrels per day (bpd) in May 2025 as part of a gradual return to 2.2 million bpd of voluntary adjustments starting from 1 April 2025. This increase, which includes three monthly increments, is flexible and may be adjusted based on market conditions.

The countries also reaffirmed their commitment to compensation for overproduction since January 2024 and will submit updated compensation plans to the OPEC Secretariat by 15 April 2025. Monthly meetings will be held to assess market conditions and production levels, with the next meeting scheduled for 5 May 2025 to review June production levels.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama