The organization of eight OPEC+ countries, which includes Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman, convened virtually on April 3, 2024, to assess current global oil market conditions and future outlook.

Previously, these nations had agreed to implement voluntary production cuts in April and November 2023.

During the meeting, the member states reaffirmed their commitment, as established on December 5, 2024, and reiterated on March 3, 2025, to gradually lift a daily production cut of 2.2 million barrels.

This phase-out is set to begin from April 1, 2025.

To facilitate market stability, the group has announced that they will adjust production by an increment of 411,000 barrels per day, effective May 2025. This adjustment will occur in three monthly increments, which includes the previously planned increase for May as well as two additional increments.

The decision to gradually increase production is contingent upon ongoing evaluations of market conditions, allowing the group to pause or reverse the increments if necessary.

Members expressed that these adjustments aim to provide flexibility and ensure continued support for oil market stability.

Furthermore, the participating countries indicated that this plan would enable them to accelerate compensation for any overproduction.

In line with their early commitments, the eight nations reiterated their intention to fully offset any volumes overproduced since January 2024. They are expected to submit revised compensation plans to the OPEC Secretariat by April 15, 2025, with these plans to be made available on the Secretariat's website.

To maintain oversight on market dynamics and compliance, OPEC+ will convene monthly meetings.

The next scheduled meeting is set for May 5, 2024, where the organizations will determine production levels for June.