The eight OPEC+ countries reaffirmed to start gradual increase in production starting from 1 April 2025 by adding 411,000 barrels per day (bbl/d), equivalent to three monthly increments, in May 2025.

The eight countries previously announced additional voluntary adjustments in April and November 2023 reaching to 2.2 million barrels per day (mmbbl/d).

According to the OPEC statement, this decision came due to the continuing healthy market fundamentals and the positive market outlook. The statement elaborated that the decision comprises the increment originally planned for May in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions, it explained.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. They also confirmed their intention to fully compensate any overproduced volume since January 2024 and to submit updated front-loaded compensation plans to the OPEC Secretariat by 15 April 2025 which will be posted on the Secretariat’s website.