OPEC+ Confirms Gradual Supply Increase

In a significant move, the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have announced their decision to gradually increase oil supply starting April 1, 2025. This decision is based on the current healthy market fundamentals and an optimistic outlook for the future.

The coalition has decided to proceed with a flexible return of the 2.2 million barrels per day (mbd) voluntary adjustments, signaling a cautious approach to balancing the global oil market. However, OPEC+ has also stated that this gradual supply increase could be adjusted or reversed if market conditions change, highlighting their commitment to market stability.

Additionally, the OPEC+ countries have reaffirmed that the compensation period for overproducing countries will conclude by the end of June 2026, ensuring that all members adhere to the agreed production levels.