OPEC+ Nations Reaffirm Commitment, Adjust Production Upward

2025-04-03 03:21:04

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, April 3 (KUNA) -- Eight OPEC+ countries, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually to review market conditions.
According to an OPEC statement, given strong fundamentals and prior agreements, the aforementioned countries are beginning to gradually restore 2.2 million barrels per day of voluntary cuts from April 2025.
In May, production will rise by 411,000 bpd, covering three increments; including the originally planned one, noting that adjustments may pause or reverse based on market conditions to maintain stability.
The group reaffirmed its commitment to voluntary production adjustments from the 53rd Meeting of the Joint Ministerial Monitoring Committee and pledged to compensate for any overproduction since January 2024.
Participating countries must submit updated compensation plans to the OPEC Secretariat by 15 April 2025.
Monthly meetings will be held to monitor market conditions, compliance, and compensation progress, adding that the next meeting on 5 May will decide June production levels. (end)
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