Eight OPEC+ countries, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, have decided to accelerate crude oil production increases as of May 2025, citing continuing healthy market fundamentals and a positive market outlook. OPEC+ countries will thus implement a production adjustment of 411 kb/d in May 2025. This is the equivalent of three monthly increments, i.e. the 137 kb/d monthly increment agreed in March 2025 for May 2025, in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions.
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.
The new required production level for May 2025 will thus be 9,200 kb/d for Saudi Arabia, 9,083 kb/d for Russia, 4,049 kb/d for Iraq, 3,015 kb/d for the United Arab Emirates, 2,443 kb/d for Kuwait, 1,486 kb/d for Kazakhstan, 919 kb/d for Algeria and 768 kb/d for Oman.