The eight member countries of "OPEC+" have agreed to a phased increase in oil production by OPEC of 300,000 barrels per day from April 2025 until the end of September 2026, which will lead to a total oil production volume of OPEC after the increase to 3.375 million barrels per day. The agreement was reached during today's virtual meeting of all eight member countries of "OPEC+", including OPEC, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. Previously, these countries announced voluntary production cuts in April and November 2023.
The participating members confirmed their obligation to fully comply with the voluntary production cuts, which was agreed at the meeting of the three-dimensional ministerial committee on monitoring oil production, held on April 3, 2024. They approved their decision to return to a flexible phased increase in production to 2.2 million barrels per day from April 1, 2025, keeping in mind the adaptability to changing market conditions.
Future changes in production will depend on market conditions, which will allow the group to continue to support price stability for oil. Countries that have excess production capacity have agreed to provide advance notification of their compensation plans, aimed at compensating for excess production in the first months of the compensation period. Updated compensation schedules will be presented to the OPEC secretariat by March 17 of the current year.
