As decided in the previous ministerial meeting of OPEC+ members, the UAE will increase barrels production by 300,000 barrels per day.
The eight member countries of “OPEC+” have agreed to implement the increase gradually during today meeting.
This increase will take place from April 2025 until the end of September 2026.
Accordingly, the UAE’s total production will increase to 3.375 million barrels per day.
During the meeting they also reviewed global market conditions and future expectations.
What are the countries of OPEC+ ?
- The UAE
- Saudi Arabia
- Russia
- Iraq
- Kuwait
- Kazakhstan
- Algeria
- Oman
UAE Reaffirms Commitment to Oil Market Stability
The UAE reaffirmed its commitment to oil market stability.
As well as its adherence to additional voluntary adjustments that would enhance the balance between supply and demand.
The eight countries reiterated their collective commitment to fully comply with the additional voluntary production adjustments.
As agreed in the 53rd Joint Ministerial Monitoring Committee (JMMC) meeting on April 3, 2024.
Additionally, the UAE and the participating countries reaffirmed their determination to fully compensate for any excess production since January 2024.
In accordance with the compensation plans submitted to the OPEC Secretariat, ensuring that all compensations are completed by June 2026.
His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, received today at Al Bateen Palace in Abu Dhabi a delegation from the Federal National Council on the occasion of the holy month of Ramadan. pic.twitter.com/C7MQZM0Inm
— UAE Voice (@uae_voiceeng) March 4, 2025
Gradual Increase Might be Paused or Reversed
Taking into account the healthy market fundamentals and positive market outlook…
OPEC+ countries reaffirmed their decision, initially agreed upon on December 5, 2024, to proceed with the gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting April 1, 2025.
They also emphasized maintaining adaptability to evolving conditions.
Consequently, this gradual increase may be paused or reversed depending on market conditions.
In order to ensure the group’s ability to continue supporting oil market stability.
The countries with excess production agreed to submit their compensation plans in advance.
Besides ensuring that additional excess production volumes are compensated for in the early months of the compensation period.
They will provide their updated compensation schedules to the OPEC Secretariat by March 17.
