OPEC+ Moves Forward with Oil Output Increase Amid Market Uncertainty
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) have decided to move forward with a planned increase in oil production starting in April, marking the first such adjustment since 2022.
The decision, announced on Monday, comes at a time of renewed pressure from U.S. President Donald Trump on OPEC and its leading producer, Saudi Arabia, to curb rising oil prices. Despite the diplomatic push, Brent crude oil prices dipped slightly by the end of trading on Monday, settling at $71.42 per barrel from a previous $72.81.
In April 2023, key OPEC+ members—including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—implemented additional voluntary production cuts totaling 1.65 million barrels per day (bpd), extending through December 2026. Later in November 2023, the group announced further reductions of 2.2 million bpd, which were set to remain in effect until the end of March 2025.
OPEC+ reaffirmed in December 2024 that these cuts would be phased out gradually by September 2026 to maintain market stability. Monday’s virtual meeting saw the alliance confirming the scheduled production increase while keeping flexibility at the core of its strategy.
Despite the planned rise in output, OPEC+ emphasized that the adjustment remains contingent on evolving market conditions.
“This gradual increase may be paused or reversed subject to market conditions. This flexibility will allow the group to continue to support oil market stability,” OPEC+ stated.
According to projections from Reuters, the increase will begin with a modest monthly boost of 138,000 bpd. OPEC+ has been curbing output by approximately 5.85 million bpd—equivalent to around 5.7% of global oil supply—through a series of agreements since 2022 aimed at stabilizing the market.
