"Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm oil market stability with increased production."

Riyadh, April 4, 2025 – The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—met virtually on April 3, 2025, to assess global market conditions and outlook.

Given the ongoing healthy market fundamentals and positive market outlook, and in line with the decision made on December 5, 2024, and reaffirmed on March 3, 2025, to gradually return 2.2 million barrels per day of voluntary adjustments starting April 1, 2025, the eight countries will implement a production adjustment of 411 thousand barrels per day in May 2025, divided into three monthly increments. These increases may be paused or reversed depending on evolving market conditions.

This flexibility will allow the group to continue supporting oil market stability. The eight countries also noted that this adjustment provides an opportunity to accelerate compensation.

The countries reaffirmed their commitment to the voluntary production adjustments agreed upon at the 53rd JMMC meeting on April 3, 2024. They also confirmed their intention to fully compensate any overproduction since January 2024 and submit updated compensation plans to the OPEC Secretariat by April 15, 2025, which will be posted on its website.

The eight countries will hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for May 5, 2025, to determine June production levels.