OPEC+ Countries Agree to Begin Phased Increase in Oil Production from May 2025

Riyadh, April 3 (Saudi Arabia Breaking News) – Eight OPEC+ member states, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on Thursday to review global oil market conditions and confirmed plans to begin a gradual and flexible return of previously agreed voluntary production cuts starting in May 2025.

The decision follows the group’s prior agreements made in April and November 2023, and reaffirmed on December 5, 2024, and March 3, 2025, to ease the 2.2 million barrels per day (bpd) of additional voluntary production cuts in response to improving market fundamentals and a positive demand outlook.

According to the official statement, the eight participating countries will implement a 411,000 bpd production adjustment in May. This will represent three monthly increments, including the increment originally planned for May and two additional increments. The group emphasized that the increase schedule remains flexible and may be paused or reversed depending on evolving market conditions, to maintain market stability.

The countries also underscored that this phase of adjustments offers an opportunity to accelerate compensation for overproduction in previous months.

The eight nations reaffirmed their full commitment to the voluntary production adjustments agreed at the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC) held on April 3, 2024. They confirmed their intention to fully compensate for any excess production since January 2024 and agreed to submit updated, front-loaded compensation plans to the OPEC Secretariat by April 15, 2025, which will be published on the Secretariat’s website.

Monthly meetings will continue to monitor market dynamics, conformity with targets, and implementation of compensation plans. The group’s next review meeting is scheduled for May 5, 2025, when production levels for June will be determined.