On April 8, 2025, eight OPEC+ members Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually to review global market conditions and the future outlook, following additional voluntary adjustments announced in April and November 2023.
Building on robust market fundamentals and a positive outlook, they confirmed the decision made on December 5, 2024, to gradually and flexibly resume the 2.2 mbd voluntary adjustments beginning April 1, 2025, while retaining the option to pause or reverse the increase if conditions change, thereby supporting market stability.
They also reiterated their commitment to fully implement the additional voluntary production adjustments agreed upon at the 53rd JMMC meeting on April 3, 2024, and to compensate for any overproduction since January 2024 according to the compensation plans submitted to the OPEC Secretariat, with all adjustments to be completed by June 2026.
Furthermore, countries with overproduced volumes agreed to frontload their compensation plans, compensating more in the earlier months of the period, and will submit updated schedules to the OPEC Secretariat by March 17, 2025, to be posted on its website.
Production levels will reflect only the phase-out of the November 2023 voluntary adjustments, applied from April 2025 until September 2026, and will adhere to the required production levels set by the 38th ONOMM prior to the additional adjustments announced in April and November 2023.
Finally, the UAE’s required production will be increased by 300 kbd, with this increase phased in gradually from April 2025 until the end of September 2026, as outlined in the 38th ONOMM.
