According to Amac News, OPEC added in a statement that members reaffirmed their decision taken on December 5, 2024, to gradually and flexibly restore 2.2 million barrels per day (mbd) of their voluntary adjustments from April 1, 2025, while remaining ready to adapt to changing circumstances.
Therefore, this gradual increase may be stopped or reversed depending on market conditions. This flexibility allows the group to continue to support oil market stability.
The eight countries, including the UAE, also reaffirmed their collective commitment to fully comply with the voluntary additional production arrangements agreed at the 53rd JMMC meeting on 3 April 2024. They also confirmed their intention to fully offset any excess production from January 2024 according to the compensation plans submitted to the OPEC Secretariat, and assured that all compensation would be completed by June 2026.
Countries with excess production also agreed to bring forward their compensation plans to offset a larger portion of the excess production in the early months of the period and to submit their updated plans to the OPEC Secretariat by 17 March 2025, which will be published on the Secretariat’s website.