Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman Reaffirm Commitment to Market Stability and Plan to Increase Oil Production Amid Strong Market Fundamentals
Eight OPEC+ Countries Reaffirm Commitment to Market Stability and Gradual Production Adjustment
The eight OPEC+ nations that had previously announced additional voluntary production adjustments in April and November 2023 namely Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting on 07 May 2025 to assess global oil market conditions and the outlook.
Citing strong market fundamentals, evidenced by low oil inventory levels, and in line with the decision made on 5 December 2024 to begin a gradual and flexible return of the 2.2 million barrels per day in voluntary cuts starting 1 April 2025, the group agreed to implement a production increase of 411,000 barrels per day in June 2025, based on the May 2025 production baseline. This increment corresponds to the equivalent of three monthly increases, as outlined in the table below.
The group emphasized that the phased production increases remain subject to market dynamics and may be paused or reversed if conditions warrant, ensuring continued support for oil market stability. The countries also recognized that this approach allows participating members to accelerate efforts to compensate for previously overproduced volumes.
Reaffirming their collective commitment to the Declaration of Cooperation, the eight countries pledged full adherence to the agreed voluntary production adjustments. They acknowledged that the Joint Ministerial Monitoring Committee (JMMC), during its 53rd meeting on 3 April 2024, will continue to monitor conformity with these targets. The countries also confirmed their intention to fully compensate for any excess production recorded since January 2024.
