Seven OPEC+ member countries ready to boost oil production in June

Vienna (ANTARA) - The Organization of the Petroleum Exporting Countries (OPEC) stated in a communique on Sunday (3/5) that seven OPEC+ countries have decided to raise their maximum oil production quotas by 188,000 barrels per day in June, in response to the United Arab Emirates (UAE) leaving the group.

OPEC stated that the voluntary adjustment can be gradually reversed, either partially or fully, depending on market developments.

The seven countries, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, took this decision in a virtual meeting on Sunday to review global market conditions and prospects.

The increase, to be implemented in June 2025, is part of the adjustment to the additional voluntary production cuts first announced in April 2023.

The group stated that the voluntary adjustment can be gradually reversed, either partially or fully, depending on market developments.

Reaffirming their commitment to oil market stability, the countries emphasised the need for a cautious and flexible approach. According to them, production levels can be increased, paused, or reversed as needed, including adjustments introduced in November 2023.

The seven countries also stated that this step will provide an opportunity to accelerate compensation for any excess production since January 2024.

They reaffirmed their commitment to full compliance with the Declaration of Cooperation, with production levels to be monitored by the Joint Ministerial Monitoring Committee.