BAKU, Azerbaijan, April 3. Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman have reaffirmed their commitment to oil market stability and agreed to adjust production levels in response to improving market conditions, Trend reports.
In a virtual meeting on April 3, 2025, the eight OPEC+ countries reviewed global market fundamentals and confirmed plans to gradually ease voluntary production cuts.
Starting in May, they will collectively increase output by 411,000 barrels per day, covering three months of planned increments. The adjustment aligns with a previous decision to phase in the return of 2.2 million barrels per day in voluntary cuts, announced in December 2024 and reaffirmed in March 2025.
The countries emphasized flexibility in their approach, noting that production increases may be paused or reversed depending on market developments. They also committed to fully compensating any excess production since January 2024 and will submit updated compensation plans to the OPEC Secretariat by April 15, 2025.
OPEC+ members will continue to hold monthly meetings to assess market conditions and compliance. The next meeting is scheduled for May 5, when they will determine production levels for June.