On Thursday, Saudi Arabia, Russia, and six other OPEC+ nations decided to increase oil output in May 2025. The OPEC+ nations—which also include Kuwait, Kazakhstan, Algeria, Oman, Iraq, and the United Arab Emirates—agreed to increase production by 411,000 barrels per day (bpd).
As part of a plan to progressively unwind its most recent layer of output cuts, the OPEC+ members were supposed to increase their output by 135,000 barrels per day in May. However, following a virtual conference of the eight nations on Thursday, the OPEC declared it will increase production by 411,000 barrels per day in May. OPEC ascribed this to the market’s optimistic outlook and ongoing sound fundamentals.
To assist in stabilising oil prices, the alliance stressed that any incremental hikes might be stopped or reversed based on market conditions. About the volume, OPEC noted in a statement, “This 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 stated.
Thursday’s OPEC+ meeting examined the state and prospects of the world market. In light of the market’s ongoing sound fundamentals and optimistic outlook, and in compliance with the decision reached on December 5, 2024, and later reiterated on March 3, 2025.
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