Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will modestly increase oil production by 411,000 barrels per day in July 2025, citing stable global economic conditions and strong market fundamentals.
The decision follows a virtual meeting held on 31 May 2025, where the group reviewed market trends and reaffirmed their gradual return strategy for the 2.2 million barrels per day of voluntary cuts announced in 2023. The move aligns with the plan agreed upon on 5 December 2024 to begin phased adjustments starting April 2025.
The July increase marks the third step in a scheduled series of monthly hikes. However, OPEC+ emphasized that the pace of adjustments remains flexible and could be paused or reversed based on market shifts. This approach, the group noted, aims to uphold market stability while allowing time to compensate for past overproduction.
The participating countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—reiterated their commitment to the Declaration of Cooperation and pledged full compliance with production targets. They also reaffirmed their intention to offset any excess output since January 2024.
Monthly reviews will continue, with the next meeting set for 6 July 2025 to determine August output levels.
News Source: Emirates News Agency
