"OPEC+" announces a gradual increase in production starting from July.. and confirms monthly market monitoring.
In an effort to enhance the stability of global oil markets, eight countries from the "OPEC+" alliance have decided to gradually adjust their production levels, starting with a modest increase from July 2025.
The decision came after a meeting held on Saturday, May 31, via video conference, involving representatives from Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.
The statement issued by the alliance explained that this step is based on "strong market fundamentals," supported by a decrease in global oil inventories, in addition to positive expectations for global economic growth.
According to the decision, the eight countries will increase their production by 411,000 barrels per day in July compared to June levels.
The alliance emphasized that this increase is "subject to review or reversal if market conditions change," ensuring sufficient flexibility to respond to any unforeseen developments that may affect supply and demand balance.
The alliance is scheduled to hold its next meeting on July 6, 2025, to evaluate production policies for August, continuing the monthly approach to monitor fluctuations, adherence to agreed quotas, and compensation mechanisms when needed.
It is worth noting that "OPEC+" reiterated in its statement its full commitment to previous agreements, with a focus on achieving market stability without surprises.
