Latest news with #DeclarationofCooperation
Hi Dubai
2 days ago
- Business
- Hi Dubai
OPEC+ to Cut Oil Production by 411,000 Barrels Per Day in July 2025
Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will modestly increase oil production by 411,000 barrels per day in July 2025, citing stable global economic conditions and strong market fundamentals. The decision follows a virtual meeting held on 31 May 2025, where the group reviewed market trends and reaffirmed their gradual return strategy for the 2.2 million barrels per day of voluntary cuts announced in 2023. The move aligns with the plan agreed upon on 5 December 2024 to begin phased adjustments starting April 2025. The July increase marks the third step in a scheduled series of monthly hikes. However, OPEC+ emphasized that the pace of adjustments remains flexible and could be paused or reversed based on market shifts. This approach, the group noted, aims to uphold market stability while allowing time to compensate for past overproduction. The participating countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—reiterated their commitment to the Declaration of Cooperation and pledged full compliance with production targets. They also reaffirmed their intention to offset any excess output since January 2024. Monthly reviews will continue, with the next meeting set for 6 July 2025 to determine August output levels. News Source: Emirates News Agency
Iraqi News
2 days ago
- Business
- Iraqi News
Iraq and OPEC+ members plan to raise oil output in July
Baghdad ( – Eight OPEC+ member countries, including Iraq, met virtually on Saturday to review global market dynamics and outlook. The eight OPEC+ countries, which previously announced further voluntary adjustments in April and November 2023, are Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, according to OPEC+. The eight member countries plan to implement an output modification of 411,000 barrels per day in July 2025, in accordance with the decision made in December 2024. This decision allows for a gradual and flexible return to the previously agreed voluntary adjustments of 2.2 million barrels per day, starting in April 2025. The planned gradual increases may be postponed or reversed if market conditions fluctuate. This flexibility will enable the organization to maintain its commitment to oil market stability. The eight OPEC+ countries also stated that this strategy will allow member countries to hasten their compensation. The eight countries reaffirmed their commitment to achieving full compliance with the Declaration of Cooperation, including the extra optional output adjustments that were agreed to be reviewed by the Joint Ministerial Monitoring Committee (JMMC) at its 53rd meeting in April 2024. OPEC+ members reiterated their plan to completely compensate for any overproduction volume since January 2024. They will meet monthly to discuss market circumstances, compliance, and compensation, with their next meeting to be held on July 6, 2025, to decide on August production levels.
Time of India
3 days ago
- Business
- Time of India
OPEC+ countries agree production adjustment of 411,000 barrels per day in July 2025
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 May 31 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 December 5, 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in July 2025 from June 2025 required production level. This is equivalent to three monthly increments. 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 April 3, 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 6 July 2025 to decide on August production levels.
Sharjah 24
3 days ago
- Business
- Sharjah 24
OPEC+ to raise output by 411,000 barrels daily in July 2025
Market outlook and production strategy 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.
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
OPEC+ nations to begin phased oil production increase in July
Saudi Gazette report RIYADH — Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will raise oil production by 411,000 barrels per day (bpd) in July 2025 as part of a phased reversal of previous voluntary output cuts, the alliance announced on Saturday following a virtual meeting. The decision follows the group's earlier agreement on December 5, 2024, to gradually ease the 2.2 million bpd in voluntary reductions that were implemented in April and November 2023. The upcoming adjustment is equivalent to three monthly increments and reflects what the group described as a 'steady global economic outlook' and 'healthy market fundamentals,' including low oil inventories. The eight participating countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — stressed the adjustment remains flexible and may be paused or reversed depending on evolving market conditions. The statement emphasized that the approach is designed to support ongoing market stability and gives room for countries to accelerate compensation for previous group reaffirmed its full commitment to the Declaration of Cooperation and pledged to compensate for any excess volumes produced since January of conformity and compensation will continue through monthly meetings, with the next session scheduled for July 6, 2025, when the group will decide on production levels for August.
