OPEC+ Countries Plan Gradual Oil Production Increase for 2025

The OPEC+ coalition, featuring major oil producers such as Saudi Arabia and Russia, is eyeing a gradual acreage in oil output by mid-2025. On May 31, representatives from eight participating countries held a virtual meeting to discuss the trajectory of oil production adjustments against a backdrop of stable global market conditions.

These nations resolved to commence a monthly increment totaling 411,000 barrels per day starting in July 2025. This decision follows a previously agreed-upon plan from December 2024, intended to gradually reintroduce 2.2 million voluntary barrels by April 1, 2025. The strategy remains adaptable, with possible pauses or reversals based on market fluctuations, underscoring their commitment to oil market stability.

Alongside aligning with the Declaration of Cooperation and its additional voluntary production agreements, OPEC+ members highlighted efforts to compensate for any production excesses since January 2024. Monthly evaluations will ensure adherence and assess market dynamics, with a pivotal meeting on July 6, 2025, set to finalize August production targets.

(With inputs from agencies.)