Vienna [Austria], May 31 (ANI/WAM): The eight OPEC+ member countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—held a virtual meeting on May 31 to assess global oil market conditions and outlook.
Following a stable global economic forecast and healthy market fundamentals, including low oil inventories, the group decided to implement a production adjustment of 411,000 barrels per day in July 2025, compared to the June 2025 production level. This adjustment aligns with the gradual and flexible return of the previously agreed voluntary cuts totaling 2.2 million barrels per day, which began on April 1, 2025.
The increase represents three monthly increments and may be paused or reversed depending on evolving market dynamics, ensuring flexibility to maintain market stability.
The participating countries emphasized that this measure allows them to accelerate compensation for any past overproduction. They reaffirmed their commitment to fully comply with the Declaration of Cooperation and additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting on April 3, 2024.
The countries also confirmed their intention to fully compensate for any volumes produced in excess since January 2024. Monthly meetings will continue to review market conditions, conformity, and compensation. The next meeting is scheduled for July 6, 2025, to decide production levels for August.
(ANI/WAM)
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