Eight OPEC+ States To Raise Oil Output In June

RIYADH, May 4 (Bernama-SPA) -- The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 met virtually on Saturday to review global market conditions and outlook, Saudi Press Agency (SPA) reported.

These countries are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.

In view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025.

The eight participating countries will implement a production adjustment of 411,000 barrels per day in June 2025, from May 2025 required production level.

This is equivalent to three monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions.

This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024.

They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on June 1, 2025, to decide on July production levels.

-- BERNAMA-SPA