OPEC+ nations agree to increase production by 411,000 barrels per day in May

RIYADH April 4, 2025 — Saudi Arabia, Russia, and six other OPEC+ countries agreed on Thursday to increase oil production in May 2025. The countries, which also include Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, decided to raise output by 411,000 barrels per day (bpd) in May.

Originally, the OPEC+ countries planned to raise production by 135,000 bpd in May as part of a gradual plan to unwind their recent output cuts. However, after a virtual meeting on Thursday, the group announced the increased output of 411,000 bpd due to strong market fundamentals and a positive market outlook.

The alliance stated that these incremental increases could be paused or reversed depending on market conditions, providing flexibility to help stabilize oil prices. "This comprises the increase originally planned for May along with two additional monthly increments," OPEC explained. "The gradual increases may be paused or reversed depending on the evolving market conditions," it added.

The OPEC+ meeting reviewed global market conditions and outlook, affirming their decision from December 2024 and March 2025 to gradually return 2.2 million barrels per day of voluntary cuts starting April 1, 2025. The countries will implement a production adjustment of 411,000 bpd, equivalent to three monthly increments, in May 2025.

The group noted that this flexibility would help maintain oil market stability. They also mentioned that this adjustment would allow participating countries to accelerate their compensation for any overproduced volume since January 2024. OPEC+ members are required to submit updated compensation plans by April 15, 2025.