OPEC+ members affirm their joint commitment to supporting oil market stability

The eight OPEC+ countries, comprising the Kingdom of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which had previously announced additional voluntary adjustments in April and November 2023, held a virtual meeting on April 3, 2025, to follow up on global market developments and review their situation.

Based on what was agreed upon at the December 5, 2024, meeting, and reaffirmed on March 3, 2025, regarding the gradual and flexible return to the voluntary production adjustments of 2.2 million barrels per day starting April 1, 2025, the participating countries decided to implement a production adjustment of 411,000 barrels per day during May 2025, equivalent to three monthly increases, including the planned increase for May plus two additional increases. It is worth noting that these increases are subject to adjustment or temporary suspension, depending on market developments, to ensure continued support for oil market stability. The countries emphasized that this measure provides an opportunity to accelerate the compensation plans of participating countries.

The eight countries also renewed their commitment to the voluntary adjustments agreed upon at the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC) held on April 3, 2024, and affirmed their intention to fully compensate for the excess production since January 2024 and to submit updated and accelerated compensation plans to the OPEC Secretariat by April 15, 2025. These countries will submit the updated compensation schedules to the OPEC Secretariat by April 15, 2025, which will be published on the Secretariat’s website.

The eight countries will hold monthly meetings to monitor market developments, compliance rates, and the implementation of compensation plans, with a meeting scheduled for May 5, 2025, to determine production levels for June.