OPEC+ Countries, Led by Saudi Arabia and Russia, to Gradually Increase Oil Production to Support Market Stability

Riyadh: Eight major oil-producing countries in the OPEC+ alliance, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — have agreed to increase oil production starting in May 2025, following a positive outlook for the global oil market.

The decision comes after a virtual meeting on April 3, where the countries reviewed global energy trends and supply-demand forecasts. This move follows earlier voluntary cuts made in April and November 2023 to support oil prices.

Starting in May 2025, the group will raise oil production by 411,000 barrels per day. This includes the planned increase for May, along with two extra monthly increments. These gradual increases may be paused or reversed if the market conditions change, showing the group’s flexible approach to protect oil market stability.

The countries confirmed their commitment to the voluntary output cuts agreed at the 53rd Joint Ministerial Monitoring Committee (JMMC) meeting in April 2024. They also promised to compensate for any overproduction that has occurred since January 2024.

Each member will submit updated plans to the OPEC Secretariat by April 15, 2025, detailing how they will offset any extra production. These plans will be published on the OPEC website.

To ensure continued market balance, the eight countries will meet every month to assess market conditions, compliance, and production levels. The next meeting is scheduled for May 5, 2025, where they will decide on production targets for June.

This step by OPEC+ reflects confidence in the global oil market and aims to support energy stability worldwide.

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