OPEC+ to Increase Oil Output by 411k Barrels in May 2025

Photo: WAM

Eight oil-producing countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—held an online meeting on April 3, 2025. These countries are part of a group called OPEC+, which works together to control oil production and prices in the global market.

In this meeting, the countries talked about the current oil market and its future. They said the oil market is doing well and is expected to stay strong. Because of this, they decided to slowly increase their oil production, just as they had agreed in earlier meetings in December 2024 and March 2025.

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They had earlier planned to cut down oil production by 2.2 million barrels per day. Now, starting from April 2025, they are planning to bring back that oil into the market slowly and carefully. For May 2025, they will increase oil production by 411,000 barrels per day. This increase includes the amount they had originally planned for May plus two extra monthly amounts. So, they are moving a bit faster in May, but they also said they might stop or reduce the increase later if the market changes.

This careful approach will help keep the oil market steady. The group also mentioned that this step will help some countries make up for producing more oil than they were allowed in the past. All eight countries promised to follow the rules they agreed to in their meeting held on April 3, 2024. They also said they will repay any extra oil they produced since January 2024.

These countries must send their updated plans to fix any overproduction to the OPEC office by April 15, 2025. These plans will also be posted on the official OPEC website.

To keep a close eye on the market, the group will meet every month. Their next meeting will be held on May 5, 2025, where they will decide how much oil to produce in June.

This teamwork is part of their effort to support the global oil market and keep it stable for everyone.