Eight important members of the OPEC+ Grouping announced a cumulative crude oil output of 411,000 barrels per day (B/D) on Thursday.
The Acht Opec+ countries – who previously announced additional voluntary adjustments in April and November 2023, namely Saudi -Aarabia, Russia, Iraq, Vae, Kuwait, Kazakhstan, Algeria and Oman – almost met on April 3, 2025, to judge the worldwide market conditions and Outlook.
The development comes one day when the US has made mutual rates for trading partners who send the world economy in a downward spiral that causes the fear of a recession in different countries.
Both developments have influenced international prices for crude oil, with Brent sliding below $ 70 per barrel by the evening (India Time), while the WTI dropped to $ 66.53 per barrel.
“Given the continuous Fundamentals for Healthy Market and the positive market front views, and in accordance with the decision agreed on December 5, 2024, then confirmed on March 3, 2025, to start a gradual and flexible return of the 2.2 million barrels per day (MB/D) of 1 April 2025 b/d, a production, in the input, in a, in a, in a, in a, in the 411,000, in the 411,000, in the 411,000, in the 411,000, in the 411,000, in the 411,000. 2025, “said Opec.
This includes the increase originally planned for May, in addition to two monthly steps. The gradual increases can be paused or vice versa, depending on evolving market conditions, it added.
With this flexibility, the group can continue to support the stability of the oil market. The Acht OPEC+ countries also noted that this measure offers the participating countries the opportunity to accelerate their reimbursement.
“The eight countries again confirmed their dedication to the voluntary production adjustments that were agreed during the 53rd JMMC meeting on 3 April 2024. They also confirmed their intention to fully compensate for an over-produced volume since January 2024 to compensate for compensation plans for the OPEC-Secretary Secretariat website, “It said.
The Acht OPEC+ countries will hold monthly meetings to revise market conditions, conformity and compensation. The eight countries will meet on 5 May to decide at the June production levels.
Published on April 3, 2025
