OPEC+ to raise output by 411,000 barrels daily in July 2025
Citing a stable global economic outlook and healthy market fundamentals, such as low oil inventories, the group decided to move forward with a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments. This decision aligns with the earlier agreement made on 5 December 2024.
July production adjustment: 411,000 barrels per day
Starting in July 2025, the eight countries will implement a production increase of 411,000 barrels per day compared to June 2025 levels. This adjustment reflects the equivalent of three monthly increments. The plan includes flexibility to pause or reverse these increases depending on how market conditions evolve, maintaining support for oil market stability.
Opportunity for accelerated compensation
The participating countries emphasized that this measured increase provides an opportunity to accelerate compensation efforts. They reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation, including the voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting on 3 April 2024.
Commitment to full compensation
The eight countries also confirmed their intention to fully compensate for any overproduction since January 2024. Monthly meetings will be held to assess market conditions, monitor conformity, and track compensation progress.
Next meeting scheduled for 6 July 2025
The group will reconvene on 6 July 2025 to determine production levels for August, continuing their coordinated approach to managing oil market stability.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
7 days ago
- Zawya
OPEC+ countries reaffirm commitment to market stability on current oil market fundamentals
VIENNA: The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2025, to review global market conditions and outlook. In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5th December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1st April 2025, the eight participating countries will implement a production adjustment of 548 thousand barrels per day in August 2025 from July 2025 required production level. This is equivalent to four monthly increments as detailed in the table below. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on 3rd April 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 3rd August 2025 to decide on September production levels.
Al Etihad
06-07-2025
- Al Etihad
Global oil demand hit record 103.84 mb/d in 2024: OPEC Annual Bulletin
6 July 2025 21:38 ABU DHABI (ALETIHAD)Global oil demand grew by 1.49 million barrels per day (mb/d) year on year (YoY), or 1.5%, to reach a new high of 103.84 mb/d in 2024, according to the 2025 edition of the Annual Statistical Bulletin (ASB) released by the Organisation of the Petroleum Exporting Countries (OPEC).The findings were presented by OPEC Secretary General Haitham Al Ghais at a special event held at the OPEC Secretariat in report said oil demand increased YoY across almost every region of the world, with the most significant gains recorded in non-OECD Asia, China, India, the Middle East, Africa, Latin America and OECD Europe. Demand within OPEC member countries remained firm, rising by 0.12 mb/d, or 1.3%, over the previous while demand rose, global crude oil production fell by 0.77 mb/d, or 1%, in 2024, marking the first annual decline after three consecutive years of increases since average world crude oil output stood at 72.58 mb/ from OPEC countries fell by 0.57 mb/d (2.1%) and from non-OPEC participants in the Declaration of Cooperation (DoC) by 0.78 mb/d (5.2%). In contrast, non-DoC countries saw an output rise of 0.58 mb/d (1.8%).World refining capacity also saw significant growth, expanding by 1.04 mb/d to reach 103.80 mb/d. Notably, capacity additions were concentrated in non-OECD countries, especially China, India and the Middle East. In the OECD region, refinery capacity increased for the first time since 2019 by 0.16 mb/d, with growth in the Americas outweighing shutdowns in Europe and Asia refinery throughput rose by 0.52 mb/d (0.6%) to reach 85.97 mb/d in member countries exported an average of 19.01 mb/d of crude oil in 2024, a decline of 0.70 mb/d (3.5%) from the previous year. Asia remained the dominant destination, receiving 71.9% of these exports or 13.67 mb/d. Exports of petroleum products from OPEC countries increased by 6.1% to reach 5.07 mb/d in 2024. Meanwhile, world proven crude oil reserves stood at 1,567 billion barrels at the end of 2024, up by 2 billion barrels (0.1%) compared to 2023. Reserves held by OPEC members remained unchanged at 1,241 billion barrels. Source: Aletihad - Abu Dhabi
Gulf Today
05-07-2025
- Gulf Today
Opec+ group committed to market stability
The eight Opec+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2025, to review global market conditions and outlook. In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5th December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1st April 2025, the eight participating countries will implement a production adjustment of 548 thousand barrels per day in August 2025 from July 2025 required production level. This is equivalent to four monthly increments as detailed in the table below. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight Opec+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on 3rd April 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight Opec+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 3rd August 2025 to decide on September production levels. WAM
