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From April 1, 2025, eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, have reaffirmed their decision to commence increasing oil production.

An online meeting was previously held with representatives from these nations to discuss the state of the global market and its development prospects.

In accordance with previously established agreements, a gradual and flexible restoration of the voluntarily reduced volumes of 2.2 million barrels per day is planned. Specifically, the United Arab Emirates (UAE) will increase its production by 300,000 barrels per day between April 2025 and September 2026.

Compensation schedules for countries with excess production volumes were also discussed at the meeting.

OPEC+ continues to monitor the market situation and is prepared to adapt its plans in response to market changes. The alliance members are confident that the production increase will contribute to stabilizing oil prices and meeting the growing demand for energy resources.

ORIENT news

Photo: inform.kz