Eight major oil-producing countries, including Saudi Arabia and Russia, have reaffirmed their commitment to maintaining market stability in a healthier oil market outlook. The countries met virtually on March 3, 2025, to review global conditions and discuss future production plans.
According to the agreement, these eight OPEC+ nations will gradually increase oil production by 2.2 million barrels per day (mbd), starting April 1, 2025. However, this plan can be paused or reversed if market conditions change.
The countries also reiterated their commitment to compensating for overproduced volumes since January 2024. They have agreed to frontload compensation plans and submit updated schedules by March 17, 2025.
Additionally, the United Arab Emirates (UAE) will increase its required production by 300,000 barrels per day, phased in gradually until September 2026, as previously announced. The overall goal is to maintain oil market stability while adapting to evolving conditions.
Source: https://www.opec.org/opec_web/en/press_room/7477.htm