Eight OPEC+ countries plan to triple oil production in May 2025

Eight OPEC+ countries participating in voluntary production reduction agreements have decided to change the production schedule and increase oil production by 411,000 barrels per day (bpd) in May. This was announced on April 3 on the association's website.

"The eight participating countries will introduce production adjustments of 411,000 barrels per day, equivalent to three monthly allowances, in May 2025," the statement said.

The statement also notes that the increase in production was made possible due to the improvement of the oil market and a positive outlook, but it may be suspended or canceled depending on market conditions.

According to the schedule published by OPEC, Russia will be able to increase production to 9.083 million b/d in May, while Saudi Arabia will be able to increase production to 9.2 million b/d.

According to OPEC, the eight countries will meet on May 5 to decide on production levels in June.

The block says: OPEC+ may postpone the increase in oil production

Despite the decision to increase production, alliance members will first have to compensate for their past violations.

Earlier in the day, Sergey Tereshkin, CEO of Open Oil Market, said that the US imposition of duties on a number of countries, announced the day before by US President Donald Trump, would "cool" the global oil market. According to him, the average monthly price of Brent will not rise above $ 75 per barrel.