OPEC+ has announced plans to increase oil production in May 2025. The eight participating countries, which include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, will implement a production adjustment of 411 thousand barrels per day. This adjustment represents three monthly increments and aims to support the stability of the oil market.

During a virtual meeting held on April 3, 2025, the member countries reviewed global market conditions and reaffirmed their commitment to a gradual and flexible lift of the daily production cut of 2.2 million barrels, a decision previously made on December 5, 2024, and reaffirmed on March 3, 2025. The production increases may be paused or reversed depending on how market conditions evolve, allowing OPEC+ to adapt to changes while ensuring market stability.

The member countries emphasized that this measure will also facilitate quicker compensation for any overproduced volumes since January 2024. They reaffirmed their commitment to voluntary production adjustments agreed upon during the 53rd Joint Ministerial Monitoring Committee (JMMC) meeting in April 2024. Additionally, they are expected to submit updated compensation plans to the OPEC Secretariat by April 15, 2025, which will be made available on the Secretariat’s website.

OPEC+ plans to hold monthly meetings to monitor market conditions, production compliance, and compensation measures. The next meeting is scheduled for May 5, 2025, where the group will decide on production levels for June.