OPEC+ reaffirms oil production adjustments amid positive market outlook

The eight OPEC+ countries that previously announced voluntary production cuts—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—met virtually on April 3, 2025, to review global oil market conditions and outlook, according to the Emirates News Agency.

The group confirmed its plan to gradually phase out the 2.2 million barrels per day in voluntary cuts announced in April and November 2023. In line with earlier decisions made on December 5, 2024, and reaffirmed on March 3, 2025, the group will increase output by 411,000 barrels per day in May 2025—equivalent to three months’ worth of planned monthly increments, WAM reported.

This adjustment includes the previously scheduled increase for May along with two additional increments. However, the group emphasized that future increases could be paused or reversed depending on market conditions, ensuring continued flexibility to maintain oil market stability.

The countries also reiterated their commitment to fully compensate for any overproduction since January 2024. Updated, front-loaded compensation plans must be submitted to the OPEC Secretariat by April 15, 2025, and will be published online, according to WAM.

Monthly meetings will continue to monitor compliance and market developments, with the next meeting scheduled for May 5, 2025, to decide on production levels for June.