Eight OPEC+ countries, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have announced a production adjustment of 411 kb/d in June 2025 from May 2025 required production level. Citing current healthy market fundamentals, the group will implement three monthly increments, which may be paused or reversed subject to evolving market conditions. The new required production level for June 2025 will thus be 9,367 kb/d for Saudi Arabia, 9,161 kb/d for Russia, 4,086 kb/d for Iraq, 3,092 kb/d for the United Arab Emirates, 2,466 kb/d for Kuwait, 1,500 kb/d for Kazakhstan, 928 kb/d for Algeria and 775 kb/d for Oman.
In November 2023, Opec+ producers had agreed to voluntary output cuts totalling 2.2 mbl/d for the first quarter of 2024, in order to support prices and stabilise the market. These additional production cuts were then extended to the end of 2024 and to the end of March 2025. In early March 2025, these 8 producers agreed to start reversing their 2.2 mbl/d voluntary output cuts over an 18-month period from April 2025 to September 2026; the plan also includes a 300 kb/d increase in the UAE's production target over the same period.
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