OPEC+ agrees to ramp up output in May

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OPEC+ agreed to boost oil supply in May, an increase equivalent to three monthly increments from its previous output hike plan.

Eight countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — agreed to raise production by 411,000 barrels per day (bpd) in May.

“This comprises the increment originally planned for May in addition to two monthly increments,” read an OPEC statement today, April 3.

The alliance added that these gradual increases could be paused or reversed depending on market conditions, with the flexibility intended to help stabilize oil prices.

The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the meeting a year ago and their intention to fully compensate for any excess production since January 2024.

Furthermore, the alliance will submit updated and detailed compensation plans by April 15, with a meeting scheduled to be held on May 5 to determine June production levels.

It will also hold monthly meetings to follow up on market developments, compliance rates, and the implementation of compensation plans.

The table below shows the required production volumes for May 2025: