Riyadh: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman have reaffirmed their commitment to maintaining stability in the global oil market by adjusting production levels. This decision comes in light of current healthy market fundamentals and a steady global economic outlook.

According to Saudi Press Agency, the eight OPEC+ countries met virtually on May 31, 2025, to assess global market conditions and the outlook for the coming months. These countries had previously announced additional voluntary production adjustments in April and November 2023. The review focused on the steady global economic outlook and healthy market fundamentals, as evidenced by low oil inventories.

In alignment with the decision made on December 5, 2024, to gradually and flexibly return to the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the countries will implement a production adjustment of 411 thousand barrels per day in July 2025, based on the required production level from June 2025. This adjustment is equivalent to three monthly increments. The group emphasized the flexibility of these adjustments, allowing for pauses or reversals depending on evolving market conditions, ensuring continued support for oil market stability.

The eight OPEC+ countries reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation. This includes monitoring the additional voluntary production adjustments agreed upon by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting held on April 3, 2024. They also expressed their intention to fully compensate for any overproduced volume since January 2024.

To ensure consistent monitoring, the eight countries will hold monthly meetings to review market conditions, conformity, and compensation. The next meeting is scheduled for July 6, 2025, where they will decide on production levels for August.