OPEC+ agrees to increase crude oil production

OPEC+, the association of producing countries that also includes Russia, decided at today's meeting to increase crude oil production starting in September. "In light of the stable global economic outlook and the current health of market fundamentals, as evidenced by the low level of oil inventories, and in accordance with the decision agreed on December 5, 2024, to initiate a gradual and flexible phase-out of voluntary adjustments of 2.2 million barrels per day starting April 1, 2025, the eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025, starting from the production level requested in August 2025," the statement reads. "This equates to four monthly increases. The phasing out of further voluntary production adjustments may be suspended or reversed depending on evolving market conditions. This flexibility will allow the group to continue to support the stability of the oil market."

The eight OPEC+ countries also noted that this measure will provide participating countries with the opportunity to accelerate their offsetting. The eight countries reaffirmed their collective commitment to achieving full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the Joint Ministerial Monitoring Committee (JMMC) at its 53rd meeting on April 3, 2024. They also confirmed their intention to fully offset any excess production volumes from January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, compliance, and offsetting. The eight countries will meet again on September 7, 2025.