HOUSTON, TEXAS (Ian Silverman, Energy Analytics Institute, 3.May.2025) — 8 OPEC+ countries — namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — which previously announced additional voluntary adjustments in Apr. and Nov. 2023, announced plans to implement a production adjustment of 411 thousand barrels per day (Mb/d) in Jun. 2025 from May 2025 required production level.
The decision was taken on 3 May 2025 during a virtual meeting between officials representing the countries, which reviewed global market conditions and outlook.
The decision was taken in “view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 Dec. 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 Apr. 2025,” OPEC announced on 3 May 2025 in an official statement.
This is equivalent to 3 monthly increments.
“The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The 8 OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” OPEC said.
RELATED: 8 OPEC+ countries reaffirm commitment to market stability
During the call, the 8 countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting on 3 Apr. 2024. The countries also confirmed their intention to fully compensate for any overproduced volume since Jan. 2024.
The eight countries will next meet on 1 Jun. 2025 to decide on Jul. 2025 production levels.
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By Ian Silverman reporting from Houston. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
