The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 April 2025, to review global market conditions and outlook.
In light of ongoing strong market fundamentals and a positive outlook, and in line with the decision made on 5 December 2024 reaffirmed on 3 March 2025 the eight participating OPEC+ countries will begin a gradual and flexible return of the 2.2 million barrels per day voluntary production cuts starting 1 April 2025.
For May 2025, the group will implement a production increase of 411 thousand barrels per day, equivalent to three monthly increments. This includes the scheduled May increment plus two additional months’ worth of increases. However, these gradual hikes may be paused or reversed, depending on market developments, preserving the group’s ability to support market stability.
The eight countries also emphasized that this adjustment will offer an opportunity to accelerate compensation for overproduction.
They reaffirmed their commitment to the voluntary adjustments agreed during the 53rd JMMC meeting on 3 April 2024. All participating nations have pledged to fully compensate for any excess production since January 2024 and will submit revised, front-loaded compensation plans to the OPEC Secretariat by 15 April 2025. These plans will be made publicly available on the Secretariat’s website.
Monthly meetings will continue to monitor market trends, compliance, and compensation efforts. The next meeting is scheduled for 5 May 2025 to assess and decide on production levels for June
