The “OPEC+” coalition, which includes Saudi Arabia, Russia, Iraq, the Emirates, Kuwait, Kazakhstan, Algeria and the Sultanate of Oman, issued an official statement in which they affirmed their joint commitment to support the stability of the petroleum market, where the eight members of the OPEC Plus group held a virtual meeting to follow up on the developments of the global market and review its conditions. According to “SPA”.
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Based on what was agreed upon at the previous meeting on December 5, regarding the gradual and flexible return of voluntary production amendments of 2.2 million barrels per day starting from April 1, 2025, the participating countries decided to implement a production amendment of 411 thousand barrels per day during the month of May 2025, which is equivalent to three monthly increases, which includes the established increase for the month of May, in addition to two additional increases.
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It is noteworthy that these increases are subject to modification or stopping temporarily, according to the market variables, in a manner that ensures the continued support of the stability of the petroleum market, and the countries stressed that this measure gives an opportunity to accelerate compensation plans for the participating countries.
The eight countries also renewed their commitment to the voluntary amendments agreed at the fifty -third meeting of the Joint Ministerial Monitoring Committee (JMMC) held on April 3, 2024, and confirmed its intention to compensate for the full excessive quantities of production since January 2024, and to provide updated and speedy compensation plans to the OPEC Municipality, no later than April 15, 2025.
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These countries will provide updated compensation schedules to the OPEC Municipality by April 15, 2025, where it will be published on the secretariat website.
The eight countries will hold monthly meetings to follow up on market developments, compliance rates, and implement compensation plans, provided that a meeting will be held on May 5, 2025; To determine the production levels of June.
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