Opec+, agreement to increase crude oil production

Opec+, the association of producing countries that also includes Russia, decided at today's meeting to increase crude oil production from September. "In view of the stability of the global economic outlook and the current health of market fundamentals, as evidenced by the low level of oil stocks, and in accordance with the decision agreed on 5 December 2024 to initiate a gradual and flexible phasing-in of voluntary adjustments of 2.2 million barrels per day as of 1 April 2025, the eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from the level of production required in August 2025," the communiqué reads - This is equivalent to four monthly increases. The phasing out of further voluntary production adjustments can be suspended or reversed as market conditions evolve. This flexibility will allow the group to continue to support oil market stability'.

The eight Opec+ countries "also noted that this measure will provide participating countries with an opportunity to accelerate their compensation. The eight countries reaffirmed their collective commitment to achieving full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the Jmmc (Joint Ministerial Monitoring Committee) at its 53rd meeting on 3 April 2024. They also confirmed their intention to fully compensate any excess production volume from January 2024. The eight Opec+ countries will hold monthly meetings to review market conditions, compliance and offsetting. The eight countries will meet on 7 September 2025'.