Saudi Gazette report

RIYADH — Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will raise oil production by 411,000 barrels per day (bpd) in July 2025 as part of a phased reversal of previous voluntary output cuts, the alliance announced on Saturday following a virtual meeting.

The decision follows the group's earlier agreement on December 5, 2024, to gradually ease the 2.2 million bpd in voluntary reductions that were implemented in April and November 2023.

The upcoming adjustment is equivalent to three monthly increments and reflects what the group described as a “steady global economic outlook” and “healthy market fundamentals,” including low oil inventories.

The eight participating countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — stressed the adjustment remains flexible and may be paused or reversed depending on evolving market conditions.

The statement emphasized that the approach is designed to support ongoing market stability and gives room for countries to accelerate compensation for previous overproduction.

The group reaffirmed its full commitment to the Declaration of Cooperation and pledged to compensate for any excess volumes produced since January 2024.

Monitoring of conformity and compensation will continue through monthly meetings, with the next session scheduled for July 6, 2025, when the group will decide on production levels for August.