During this meeting, the alliance reaffirmed its commitment to market stability and announced an increase in oil production by 411,000 barrels per day, set to be implemented in three increments throughout May 2025.

The adjustments are part of a broader plan for a gradual return of 2.2 million barrels per day that commenced on April 1, 2025, allowing for flexibility based on market conditions.

To ensure ongoing assessment of the market, the participating countries will hold monthly meetings, with the next one scheduled for May 5, 2025, to discuss production levels for June.

In addition, the countries committed to compensating for any overproduction that occurred since January 2024, with updated compensation plans due by April 15, 2025.

This decision aligns with previous agreements made on December 5, 2024, and reaffirmed on March 3, 2025, recognizing the positive outlook for the oil market.

The meeting also reaffirmed earlier voluntary production adjustments made in April and November 2023.

This increase signifies a significant acceleration in the return of previously cut volumes to the market.

OPEC officially announced this decision in a formal statement.

On April 3, 2025, eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually to discuss the state of the global oil market.

This decision comes as Saudi Arabia, the UAE, Oman, and other OPEC+ members respond to favorable market conditions.

The production increases will be flexible and may be paused or reversed if future market developments necessitate such actions to maintain stability.

The decision was made by the OPEC+ alliance, led by Saudi Arabia and Russia.