In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision agreed upon on 5 December 2024, subsequently reaffirmed on 3 March 2025, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries of OPEC will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025, APA reports, citing OPEC's official statement.
The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on the 5th of May to decide on June production levels.
It should be noted that Azerbaijan is also a participant in the "OPEC+" agreement.
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