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OPEC+ Adjusts Production Strategy for July 2025

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Overview of OPEC+ Meeting

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    OPEC+ countries met virtually on May 31, 2025, to assess market conditions.

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    The meeting included eight countries: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.

Production Adjustments

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    A production adjustment of 411,000 barrels per day will be implemented in July 2025.

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    This adjustment is part of a gradual return of 2.2 million barrels per day starting from April 1, 2025.

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    Flexibility in adjustments is essential to respond to evolving market conditions.

Commitments and Compensation

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    Countries committed to full conformity with the Declaration of Cooperation.

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    Additional monitoring will occur for compensation of overproduced volumes since January 2024.

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    Monthly meetings will be held to review market conditions and conformity.

Future Considerations

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    Next meeting scheduled for July 6, 2025, to discuss August production levels.

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    Participants emphasized the importance of supporting oil market stability.