BATON ROUGE, LOUISIANA (By Steve Stewart, Energy Analytics Institute, 5.Jul.2025, Words: 309) — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production.
The 8 OPEC+ countries, which previously announced additional voluntary adjustments in Apr. and Nov. 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 Jul. 2025, to review global market conditions and outlook.
In view of a steady global economic outlook and 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 (MMb/d) voluntary adjustments starting from 1 Apr. 2025, the 8 participating countries will implement a production adjustment of 548 Mb/d in Aug. 2025 from Jul. 2025 required production level, OPEC said on 5 Jul. 2025 in an official statement.
This is equivalent to four 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, according to OPEC.
“The 8 OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight 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 held on April 3rd 2024,” OPEC said.
They also confirmed their intention to fully compensate for any overproduced volume since Jan. 2024.
The 8 countries will meet on 3 Aug. 2025 to decide on Sep. 2025 production levels.
____________________
By Steve Stewart reporting from Baton Rouge. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
