3/4/2025–|Last update: 3/4/202505:20 PM (Mecca time)
8 countries in the OPEC Plus coalition agreed today, Thursday, to move forward with the plan to raise oil production by increasing it by 411 thousand barrels per day in May, in an unexpected decision to pay oil prices to continue their losses.
The oil – which actually fell by more than 4% after US President Donald Trump announced the imposition of customs duties on commercial partners – declined after OPEC statement, with Brent crude declining 6% to $ 70 a barrel.
to retreat
Brent crude barrel decreased 6.55% to $ 70.1 in the latest transactions, while West Texas Intermediate crude fouled 7.06% to $ 66.64 per barrel.
8 members of OPEC Plus, the group that includes the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia, were to raise oil production by 135 thousand barrels per day in May as part of a plan to gradually reduce its latest production.
However, after a meeting of the eight countries held online today, Thursday, OPEC announced that it would increase its production by 411 thousand barrels per day in May, and the organization indicated “the continuation of the basics of the strong market and the positive market expectations.”
“This includes increased increases from the original for Mio, in addition to two monthly increases … gradual increases may be stopped or reversed according to the changing market conditions.”
The production lifting in May represents the next increase in a plan agreed upon by Russia, Saudi Arabia, the Emirates, Kuwait, Iraq, Algeria, Kazakhstan and the Sultanate of Oman to gradually reduce the latest reduction in its production by 2.2 million barrels per day, which entered into force this month.
Next meeting
OPEC said in the same statement that the eight countries will meet next May 5 to take a decision on June production.
OPEC Plus also applies other production cuts of 3.65 million barrels per day until the end of next year to support the market.
