Riyadh: The eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, have reaffirmed their commitment to market stability by agreeing to adjust oil production upward. These nations, which previously announced additional voluntary adjustments in April and November 2023, met virtually on May 3, 2025, to review global market conditions and outlook.

According to Saudi Press Agency, the decision comes in light of the current market fundamentals, which show low oil inventories. This is in line with the agreement made on December 5, 2024, to gradually and flexibly return the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025. The eight participating countries will implement a production adjustment of 411,000 barrels per day in June 2025 from the May 2025 required production level. This adjustment is equivalent to three monthly increments, with flexibility to pause or reverse based on evolving market conditions. The measure aims to continue supporting oil market stability, while also providing an opportunity for participating countries to accelerate their compensation.

The eight OPEC+ countries reiterated their commitment to achieving full conformity with the Declaration of Cooperation. This includes monitoring the additional voluntary production adjustments agreed upon during the JMMC's 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. Their next meeting is scheduled for June 1, 2025, to decide on July production levels.