Iraq, along with seven OPEC+ member states, met virtually on Monday to review the state of the global oil market and its future prospects. The participating countries include Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, as reported by OPEC.
The group reiterated its previous decision from December 5, 2024, to gradually and flexibly return 2.2 million barrels per day of voluntary production adjustments, starting April 1, 2025. However, they emphasized that this progressive increase may be halted or reversed depending on market conditions, ensuring the group can adapt to changes and continue stabilizing the global oil market.
The eight nations also reaffirmed their commitment to fully comply with additional voluntary production adjustments, as agreed during the 53rd Joint Ministerial Monitoring Committee (JMMC) meeting on April 3, 2024. This agreement ensures the stability of oil markets as the countries continue to align their production strategies.
Additionally, the countries with overproduced volumes since January 2024 committed to fully compensating for the excess production by June 2026, in accordance with the compensation plans submitted to the OPEC Secretariat. In order to address the overproduction more swiftly, these countries will expedite their compensation schedules, with revised plans to be submitted to the OPEC Secretariat by March 17, 2025. These updated compensation plans will then be made public for transparency.