Eight Opec+ members have agreed to proceed with a plan to start increasing crude oil output starting in April 2025. Saudi Arabia, Russia, Iraq, Kuwait, the UAE, Algeria, Kazakhstan and Oman have 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.
Under the plan, the production targets of the eight members would rise by an average of 137 kb/d each month up to September 2026 (10.5% increase between April 2025 and the 38th ONOMM levels for most of Opec+ members, +16% for Saudi Arabia, +20% for the UAE). Opec+ said the decision took into account “healthy market fundamentals and the positive market outlook", however, the group stressed that the return of the cut production would be "gradual and flexible" and "adaptable to evolving conditions".
OPEC+ members have made a series of deep output cuts since late 2022. 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.
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