Vienna: Eight OPEC+ countries, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, have reaffirmed their decision to voluntarily raise oil production starting April 1, 2025. "Taking into account the healthy market fundamentals and the positive market outlook, they re-affirmed their decision agreed upon on December 5, 2024, to proceed with a gradual and flexible return of the 2.2 mbd voluntary adjustments starting on 1st April, 2025, while remaining adaptable to evolving conditions," OPEC stated following a virtual meeting of representatives from these nations.
According to Kuwait News Agency, the countries emphasized that the gradual increase could be paused or reversed based on market conditions, maintaining flexibility to continue supporting oil market stability. The eight nations also reiterated their collective commitment to adhere to the additional voluntary production adjustments agreed upon at the 53rd JMMC meeting on April 3, 2024.
The countries confirmed their intention to compensate for any overproduced volumes since January 2024, aligning with the compensation plans submitted to the OPEC Secretariat. They aim to complete all compensations by June 2026. Furthermore, nations with overproduced volumes have agreed to frontload their compensation plans, ensuring more overproduced volumes are compensated in the earlier months of the compensation period. Updated compensation schedules will be submitted to the OPEC Secretariat by March 17, 2025, and will be available on the Secretariat's website.