OPEC+ to Increase Oil Production by 411,000 barrels per day in July as market remains stable
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production”
May 31, 2025 – Business Desk
In a virtual meeting held on May 31, 2025, eight key oil-producing countries in the OPEC+ alliance announced a coordinated increase in oil output by 411,000 barrels per day starting in July. This production adjustment is part of a previously agreed plan to gradually unwind voluntary output cuts and comes amid steady global economic conditions and healthy oil market fundamentals.
The participating countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — reaffirmed their commitment to market stability and energy security. The upcoming increase reflects the third increment of a planned, gradual return of 2.2 million barrels per day in voluntary cuts originally announced in April and November 2023.
This gradual reintroduction of supply began on April 1, 2025, following a decision made at the OPEC+ meeting on December 5, 2024. The alliance emphasized the flexibility of its approach, noting that the production increases can be paused or reversed depending on evolving market dynamics.
In addition to the production adjustment, the group underscored the importance of compensating for any excess output since January 2024. Participating countries committed to achieving full conformity with the Declaration of Cooperation, including additional voluntary production adjustments. These measures are being monitored by the Joint Ministerial Monitoring Committee (JMMC), which last convened on April 3, 2024.
The eight countries also highlighted that the current oil market is supported by low global inventory levels and a positive economic outlook, reinforcing the decision to adjust output in a controlled and collaborative manner.
OPEC+ members will continue to meet monthly to review market conditions, compliance, and compensation progress. The next meeting is scheduled for July 6, 2025, when the alliance will determine production levels for August.