The eight OPEC+ countries that previously announced additional voluntary production adjustments in April and November 2023—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—held a virtual meeting on April 3, 2025, to assess global market conditions and outlook.
Recognizing the continued strength of market fundamentals and a positive outlook, and in line with the decision made on December 5, 2024—reaffirmed on March 3, 2025—to gradually and flexibly reintegrate the 2.2 million barrels per day voluntary adjustments starting April 1, 2025, the eight nations will implement a production adjustment of 411,000 barrels per day in May 2025. This adjustment includes the originally planned increase for May, along with two additional monthly increments. The phased increases may be paused or reversed depending on market developments, ensuring flexibility to support oil market stability. Moreover, the group also emphasized that this measure would allow participating countries to accelerate their compensation efforts.
The eight nations 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 for any overproduction since January 2024 and will submit updated, front-loaded compensation plans to the OPEC Secretariat by April 15, 2025, which will be published on the Secretariat’s website.
To closely monitor market dynamics, compliance, and compensation, the eight OPEC+ countries will hold monthly meetings. Finally, their next meeting is scheduled for May 5, 2025, to determine production levels for June.
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