BAKU, Azerbaijan, March 4. The eight OPEC+ countries – Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – held a virtual meeting on March 3, 2025, to assess the global oil market conditions and outlook, Trend reports.
They reaffirmed their decision from December 2024 to gradually and flexibly return 2.2 million barrels per day (mbd) in voluntary adjustments starting April 1, 2025. This increase may be paused or reversed depending on market conditions, allowing the group to support market stability.
The countries also reiterated their commitment to fully adhere to the additional voluntary production adjustments agreed in April 2024 and to compensate for any overproduced volumes since January
2024.Compensation plans will be completed by June 2026, with overproducing countries frontloading their compensation and submitting updated schedules to the OPEC Secretariat by March 17, 2025.