The eight OPEC+ member countries, which had previously announced additional voluntary adjustments in April and November 2023, held a virtual meeting on May 31 to review global market conditions and future outlook.
The participating countries are:
Saudi Arabia, United Arab Emirates, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
OPEC+ Oil Production Increase
Given the stable global economic outlook and healthy current market fundamentals — as evidenced by low oil inventories — and in accordance with the decision made on December 5, 2024, to begin a gradual and flexible return of the 2.2 million barrels per day voluntary cuts starting from April 1, 2025, the eight countries will implement a production increase of 411,000 barrels per day in July 2025, compared to the required production level of June 2025.
This adjustment equals three monthly increments as outlined in the attached table. These increases may be paused or reversed depending on market developments.
This flexibility allows the group to continue supporting oil market stability.
The eight countries also noted that this step provides an opportunity to accelerate the compensation for any previous overproduction or non-compliance.
The countries reaffirmed their collective commitment to full compliance with the Declaration of Cooperation, including the additional voluntary adjustments that were agreed to be monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting held on April 3, 2024.
They also confirmed their intention to fully compensate for any overproduced volumes since January 2024.
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation mechanisms.
The next meeting will take place on July 6, 2025, to decide on production levels for August.
