OPEC+ To Raise June Output, Eyes Market Conditions For Future Moves

2025-05-03 10:13:32

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 3. A group of eight key OPEC+ oil producers announced today they will modestly increase production in June, citing steady market fundamentals and low global oil inventories, Trend reports.

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman agreed in a virtual meeting to collectively raise output by 411,000 barrels per day next month. The move follows a decision last December to gradually unwind 2.2 million barrels per day in voluntary cuts introduced in 2023.

While production will rise in June, the group emphasized flexibility, noting that future adjustments could be paused or reversed depending on market conditions. The decision aims to maintain market stability while giving producers room to compensate for any excess output earlier this year.

The eight nations reaffirmed their commitment to full compliance with existing agreements and announced plans to meet monthly to review market dynamics and output levels.

The next decision on July production will be made at their meeting on June 1.

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