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04/04/2025 09:27 AST
The eight OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on April 3 to review global market conditions and outlook.
The members agreed on December 5, 2024, and reaffirmed on March 3, 2025, the decision to start a gradual and flexible lift of the daily production cut of 2.2 million barrels, starting from April 1, 2025.
The eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025.
This comprises the increment originally planned for May in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the 53rd JMMC meeting on April 3, 2024. They also confirmed their intention to fully compensate any overproduced volume since January 2024 and to submit updated front-loaded compensation plans to the OPEC Secretariat by April 15, 2025 which will be posted on the Secretariat's website.
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on May 5, to decide on June production levels.
WAM
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 70.14 | -4.81 | -6.42 |
| WTI | 66.95 | -4.76 | -6.64 |
| OPEC Basket | 75.35 | -2.09 | -2.7 |
03/04/2025
Eight members of OPEC+, the oil producers group led by Saudi Arabia and Russia, will meet on Thursday to discuss how to convince Kazakhstan to stop exceeding its output quota and how it can compensat
Reuters
03/04/2025
Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 11:00 p.m. Saudi time, fearing they could exacerbate a global trade war and dampen
Reuters
29/03/2025
Oil prices were set for a third weekly gain on Friday as the US ramped up pressure on Venezuela and Iran, though worries over whether Washington's tariff war could curb demand weighed on markets.
Reuters
28/03/2025
Oil prices eased a touch but held near one-month highs on Friday as they headed for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil
Reuters
27/03/2025
Oil prices edged higher on Wednesday on supply concerns with the US stepping up efforts to limit Venezuelan and Iranian oil exports, while a bigger-than-expected drop in US crude inventories also len
Reuters
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