Eight OPEC+ nations, including Saudi Arabia and Russia, decided on Saturday to boost oil production by 411,000 barrels per day in June 2025, up from May’s 137,000 barrels.
This follows a virtual meeting where the group, which includes Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, assessed global market conditions.
“Given the current healthy market fundamentals, as reflected in the low oil inventories, and under the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in June 2025 from the May 2025 required production level.”
The increase 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 Joint Market Monitoring Committee (JMMC) during its 53rd meeting held on April 3rd 2024.
They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The eight OPEC+ countries will meet on 1 June 2025 to decide on July production levels.
WHAT YOU SHOULD KNOW
The announcement by eight OPEC+ countries to raise oil production by 411,000 bpd in June 2025 is a calculated step to meet anticipated demand while preserving market stability.
Rooted in a broader strategy of gradual production restoration, the decision reflects OPEC+’s responsiveness to market signals, such as low inventories, and its commitment to flexibility in the face of uncertainty.
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