The eight OPEC+ countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—held a virtual meeting on April 3, 2025, to assess global oil market conditions and outlook. In line with previous agreements made in December 2024 and reaffirmed in March 2025, the countries will implement a production adjustment of 411,000 barrels per day (bpd) starting in May 2025.
This move reflects a gradual and flexible return to the 2.2 million bpd voluntary adjustments that began on April 1, 2025.
The agreed adjustment includes the originally planned production increment for May, along with two additional monthly increments. The countries emphasized that these adjustments could be paused or reversed depending on future market conditions, ensuring flexibility to support oil market stability.
The eight OPEC+ nations also reiterated their commitment to the voluntary production adjustments decided at the 53rd Joint Ministerial Monitoring Committee (JMMC) meeting in April 2024. They affirmed their intention to compensate for any overproduction since January 2024, with updated compensation plans due by April 15, 2025. These plans will be made publicly available on the OPEC Secretariat’s website.
The group will continue to monitor market conditions and production levels on a monthly basis, with the next meeting scheduled for May 5, 2025, where production levels for June will be reviewed.
