UAE Reaffirms Commitment to OPEC+ Voluntary Production Adjustments

The eight OPEC+ countries that previously implemented voluntary oil production adjustments reconvened virtually on March 3, 2025, to assess global market conditions and future prospects.

The countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—discussed their ongoing efforts to stabilize the oil market, according to an OPEC statement released today.

Following their decision from December 5, 2024, the countries reaffirmed plans to gradually ease the 2.2 million barrels per day (mbd) voluntary production adjustments starting April 1, 2025. This phased approach aims to align production with improving market fundamentals and positive demand outlooks, while maintaining the flexibility to pause or reverse increases based on evolving conditions.

The group also reiterated their commitment to full compliance with the voluntary production cuts agreed during the 53rd Joint Ministerial Monitoring Committee (JMMC) meeting in April 2024. Additionally, countries with overproduced volumes since January 2024 pledged to fully compensate by June 2026, submitting updated compensation schedules to the OPEC Secretariat by March 17, 2025.

This strategy underscores OPEC+'s dedication to fostering market stability while adapting to dynamic global economic conditions. The updated compensation plans will be made publicly available on the OPEC Secretariat’s website, ensuring transparency in the group's collective efforts.

News Source: Emirates News Agency