OPEC+ States Affirm Adherence To Market Stability

(MENAFN- Kuwait News Agency (KUNA)) (changing dateline)
VIENNA, July 5 (KUNA) -- The State of Kuwait and seven other countries of the OPEC+ coalition have affirmed commitment to back up the oil market stability in light of the its current sound condition and positive forecast of the global economy.
The joint stand was declared in a statement released by the media center of the Organization of Petroleum Exporting Countries (OPEC) after a virtual meeting held by the eight states -- Kuwait, Saudi Arabia, Russia, Iraq, the UAE, Kazakhstan, Algeria and Oman.
The meeting was organized to examine the oil market conditions following the 2023 decision for voluntary output cut.
Moreover, the eight oil-producing countries declared that on the basis of the decision released on December 5, 2024, regarding gradual and flexible return to the voluntary output change, amounting to 2.2 million barrels per day, effective April 1, 2025, a decision was also taken to alter the production by 548,000 barrels per day in August compared to the adopted production last July -- equivalent to four consecutive monthly increases.
These phased increases can be suspended or cancelled in light of the market conditions. Furthermore, the eight crude producers indicated that such measures would enable them to speedily make up for the amounts that had been produced above the set quota since January 2024.
They affirmed full adherence to attain consensus including the voluntary modifications that had been agreed upon by the joint ministerial commission for observing the production during its 53rd meeting held on April 3, 2024.
Additionally, they declared that they would hold monthly meetings to assess the market conditions and adherence to the output quota. They also agreed on holding the next meeting on August 3 to set the production ceiling for September.
OPEC statistics on last July's output showed that Saudi Arabia came first with the production standing at 9.5 million bpd, followed by Russia with 9.2 million bpd and then Iraq, 4.1 million bpd.
The UAE came fourth with 3.1 million bpd, then Kazakhstan 1.5 million bpd, Algeria 0.9 million bpd, and Oman, 0.782 million bpd. (pickup previous)
amq

MENAFN05072025000071011013ID1109763942