Iraq increases oil production to more than 400,000 barrels per day.
Iraq increases oil production to more than 400,000 barrels per day.
2025-05-03 06:53
Shafaq News/ OPEC+ member states have decided to increase oil production by 411,000 barrels per day in June.
The list of countries includes (Iraq, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman).
The Saudi Ministry of Energy statement said: “In light of the current positive market fundamentals, represented by the decline in oil inventories, and in accordance with the decision agreed upon on December 5, 2024, regarding the commencement of the gradual and flexible restoration of the voluntary adjustments of 2.2 million barrels per day starting from June 1, 2025, the eight countries will implement a production adjustment of 411,000 barrels per day in June 2025, compared to the required production level in May 2025.”
According to the statement, this is equivalent to three monthly increases, as shown in the attached table. These gradual increases may be halted or reversed depending on market developments. This flexibility allows countries to continue supporting oil market stability.
Member States also noted that this measure would provide participating countries with the opportunity to expedite the process of compensation for past due periods.
The eight countries reaffirmed their full collective commitment to comply with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC) at its 53rd meeting on April 3, 2024. The countries also reiterated their intention to fully compensate for any excess production since January 2024.
The eight countries will hold monthly meetings to review market conditions, compliance levels, and compensation mechanisms. A meeting is scheduled for June 1, 2025, to set production levels for July.
shafaq.com
