OPEC+ to raise output by 411,000 barrels daily in July 2025

May 31, 2025 / 10:42 PM

Sharjah 24 – WAM: On 31 May 2025, eight OPEC+ countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting to assess global oil market conditions and outlook. These countries had previously announced additional voluntary production adjustments in April and November 2023.

Market outlook and production strategy

Citing a stable global economic outlook and healthy market fundamentals, such as low oil inventories, the group decided to move forward with a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments. This decision aligns with the earlier agreement made on 5 December 2024.

July production adjustment: 411,000 barrels per day

Starting in July 2025, the eight countries will implement a production increase of 411,000 barrels per day compared to June 2025 levels. This adjustment reflects the equivalent of three monthly increments. The plan includes flexibility to pause or reverse these increases depending on how market conditions evolve, maintaining support for oil market stability.

Opportunity for accelerated compensation

The participating countries emphasized that this measured increase provides an opportunity to accelerate compensation efforts. They reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation, including the voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting on 3 April 2024.

Commitment to full compensation

The eight countries also confirmed their intention to fully compensate for any overproduction since January 2024. Monthly meetings will be held to assess market conditions, monitor conformity, and track compensation progress.

Next meeting scheduled for 6 July 2025

The group will reconvene on 6 July 2025 to determine production levels for August, continuing their coordinated approach to managing oil market stability.