OPEC+ to raise oil supply by 411,000 bpd in May 2025
Shafaq News/ Eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to boost oil production by 411,000 barrels per day (bpd) in May 2025, to stabilize global oil markets.
Originally, the group had planned a modest 135,000 bpd increase for May as part of a gradual adjustment to unwind previous output cuts. However, following a virtual meeting on Thursday, OPEC+ decided to raise the output more significantly, citing strong market fundamentals and a positive outlook.
The alliance stressed that these increases could be paused or reversed depending on market conditions, emphasizing their flexibility in managing oil price stability. "This comprises the increment originally planned for May in addition to two monthly increments," the group stated.
OPEC+ also reiterated that the flexibility in production adjustments would allow the group to respond effectively to market shifts. “This measure will provide an opportunity for the participating countries to accelerate their compensation,” it added.
The countries reaffirmed their commitment to the voluntary adjustments decided at the 53rd JMMC meeting on April 3, 2024, and pledged to fully compensate for any overproduction since January 2024. They also committed to submitting updated, front-loaded compensation plans to the OPEC Secretariat by April 15, 2025.
