OPEC+ Countries Agree To Adjust Oil Production By 411,000 Barrels Per Day In July 2025

The eight OPEC+ nations, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually on 31 May 2025. They assessed the global market conditions and outlook. These countries had previously announced voluntary adjustments in April and November 2023.

In line with the decision made on 5 December 2024, these nations will begin a gradual return of the 2.2 million barrels per day voluntary adjustments from 1 April 2025. A production adjustment of 411,000 barrels per day will be implemented in July 2025 from June's required production level. This adjustment equals three monthly increments as shown in the table below.

The flexibility to pause or reverse these increases allows the group to maintain oil market stability. The eight OPEC+ countries believe this measure offers a chance for participating nations to speed up their compensation efforts.

The countries reaffirmed their dedication to achieving full compliance with the Declaration of Cooperation. This includes additional voluntary production adjustments monitored by the JMMC during its meeting on 3 April 2024. They also confirmed their intent to fully compensate for any overproduction since January 2024.

Monthly meetings will be held by these eight countries to review market conditions, conformity, and compensation efforts. The next meeting is scheduled for 6 July 2025 to decide on production levels for August.

The steady global economic outlook and healthy market fundamentals are reflected in low oil inventories. This supports the decision for gradual and flexible production adjustments starting from April 2025.

These measures are designed to ensure continued support for oil market stability while allowing flexibility based on evolving market conditions.

With inputs from WAM