Eight OPEC+ countries – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – held a virtual meeting on April 3, 2025, to assess global market conditions and outlook.
Given the strong market fundamentals and positive outlook, the countries decided to implement a production adjustment of 411,000 barrels per day in May 2025, as part of their gradual return of 2.2 million barrels per day voluntary adjustments.
This adjustment, equivalent to three monthly increments, may be paused or reversed based on market conditions, allowing the group to maintain oil market stability.
The countries also aim to fully compensate for any overproduced volume since January 2024 and will submit updated compensation plans to the OPEC Secretariat by April 15, 2025.
The eight OPEC+ countries reaffirmed their commitment to voluntary production adjustments and will hold monthly meetings to review market conditions, conformity, and compensation.
Their next meeting is scheduled for May 5 to determine June production levels.
Source:https://energynewsafrica.com
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