OPEC+ nations continue to focus on oil market stability as eight member countries, including Iraq, held a virtual meeting to assess global oil trends. This group previously introduced voluntary output changes in 2023, and they now prepare for fresh production adjustments in July 2025.
The countries involved—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—have committed to modifying oil output by 411,000 barrels per day. This step aligns with an earlier agreement made in December 2024. The group aims to gradually restore a total of 2.2 million barrels per day, with the phased approach beginning in April 2025.
However, the group retains flexibility. If market conditions shift, they may delay or reverse these production increases. This flexibility reinforces their shared commitment to oil market stability. Such adaptability ensures their decisions remain in line with global demand and price signals.
This coordinated strategy also supports faster compensation by countries that previously exceeded their production limits. By doing so, member states hope to restore balance while remaining transparent and accountable within the alliance.
The eight countries also confirmed their dedication to the Declaration of Cooperation. This includes honoring the extra voluntary output adjustments reviewed by the Joint Ministerial Monitoring Committee during its 53rd session.
They further reiterated their goal to fully compensate for any overproduction that occurred since January 2024. To ensure accountability, these nations will continue to meet every month. During these meetings, they will examine compliance, assess compensation progress, and respond to market developments.
OPEC+ plans to reconvene in early July to set output levels for the following month. By staying proactive and united, the eight countries aim to protect oil market stability and secure long-term energy balance across global markets.
