A statement posted on OPEC’s website on Saturday announced that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman will “implement production adjustments of 411,000 barrels per month.”
The statement said, “Eight OPEC+ countries that announced additional voluntary adjustments in April and November 2023 met essentially on May 31, 2025 to review the global market conditions and outlook.”
“According to the decision of starting a voluntary adjustment of 2.2 million barrels per day to implement production of 411,000 barrels of producer countries on April 1, 2025, in order to begin a gradual and flexible return of voluntary adjustment of 2.2 million barrels on December 5, 2025, as reflected in low oil inventory.”
The statement said this “corresponds to three monthly increments,” emphasizing that “the incremental increase could be gradual or reversed, subject to evolving market conditions,” adding, “this flexibility allows the group to continue supporting the stability of the oil market.”
“Eight OPEC+ countries also noted that the measures provide opportunities for participating countries to accelerate compensation,” the statement continued.
“Eight countries have reiterated their collective commitment to fully conforming to the Declaration of Cooperation, including additional voluntary production adjustments agreed to be monitored by the JMMC at the 53rd conference held on April 3, 2024,” he continued.
The statement also said that eight countries “have confirmed their intention to fully compensate for over-production since January 2024.”
“Eight OPEC+ countries will hold monthly meetings to consider market conditions, suitability and compensation. The eight countries will meet on July 6, 2025 to determine production levels for August,” he added.
According to the table accompanying the statement, “production required for July 2025” was 9,534 million barrels per day in Saudi Arabia, 92.4 million barrels per day in Russia, 4.22 million barrels per day in Iraq, 3.169 million barrels per day in UAE, 2.51,000 barrels per day, 2.488 million barrels per day per day, and 782,000 barrels per day in Algeria and Oman.
In an oil report sent to Rigzone by the Skandinaviska Enskilda Banken AB (SEB) team, SEB’s chief commodity analyst Bjarne Schieldrop said, “Following the OPEC+ decision to capture production of Brent Cap by by as a sap, Brent Crude is jumping 2.4% this morning on the weekend.”
“Even when the market feared production hikes of more than 411,000 barrels per day in July, “the Brent crude front-end setbacks have strengthened last week (signs of tension),” Schieldrop noted in the report.
“US crude, diesel and gasoline stocks fell a week ago as overall commercial stock fell to 0.7 million barrels compared to the usual rise of 30,000 to 6 million barrels a week during this period,” analyst added, “the surplus is not here yet.”
The latest weekly oil status report from the U.S. Energy Information Agency (EIA) was released on May 29 and included data for the week ending May 23, indicating that total US oil stocks, excluding Strategic Oil Reserve (SPR), fell by 0.7 million barrels per week.
In a statement posted on OPEC’s website on May 3, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman announced that June 2025 (The) (The) (The) will implement production adjustments of 411,000 barrels per day from the required production levels.”
A statement posted on the group’s website on April 3 announced that eight countries will “contact production adjustments of 411,000 barrels per day in May 2025.”
To contact the author, please email Andreas.exarheas@rigzone.com
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