OPEC+ to raise oil supply by 411,000 bpd in May 2025
Shafaq News/ Eight OPEC+ countries,including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, andOman, have agreed to boost oil production by 411,000 barrels per day (bpd) inMay 2025, to stabilize global oil markets.
Originally, the group had planned amodest 135,000 bpd increase for May as part of a gradual adjustment to unwindprevious output cuts. However, following a virtual meeting on Thursday, OPEC+decided to raise the output more significantly, citing strong marketfundamentals and a positive outlook.
The alliance stressed that theseincreases could be paused or reversed depending on market conditions,emphasizing their flexibility in managing oil price stability. "Thiscomprises the increment originally planned for May in addition to two monthlyincrements," the group stated.
OPEC+ also reiterated that theflexibility in production adjustments would allow the group to respondeffectively to market shifts. “This measure will provide an opportunity for theparticipating countries to accelerate their compensation,” it added.
The countries reaffirmed theircommitment to the voluntary adjustments decided at the 53rd JMMC meeting onApril 3, 2024, and pledged to fully compensate for any overproduction sinceJanuary 2024. They also committed to submitting updated, front-loaded compensationplans to the OPEC Secretariat by April 15, 2025.
