The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, confirmed on Monday that they will proceed with a planned increase in oil production, set to take effect on April 1.
A statement released on OPEC’s official website revealed that eight member countries—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—have agreed to gradually and flexibly return 2.2 million barrels per day (bpd) of voluntary production adjustments, citing “healthy market fundamentals and a positive market outlook” as the driving factors behind the decision.
The announcement followed a virtual meeting where members assessed global market conditions and reviewed future projections. Despite the planned production boost, the group emphasized its commitment to flexibility, indicating that it may pause or reverse the output increase should market conditions demand such action.
The 2.2 million bpd production cuts, initially announced in November 2023 for the first quarter of 2024, have been extended several times, with the most recent extension now covering the first quarter of 2025.