MOSCOW: Ministers of the OPEC+ member countries will have a videoconference meeting on Wednesday to discuss the current state of affairs ...
MOSCOW: Ministers of the OPEC+ member countries will have a videoconference meeting on Wednesday to discuss the current state of affairs on the global oil market, forecasts and possible oil production adjustments.
The OPEC+ Ministerial Meetings are held twice a year. The previous talks took place on December 5. After that, the OPEC+ group convened only in the format of the ministerial monitoring committee (once every two months). Also, the eight nations voluntarily reducing oil production convene every month since March.
Normally, the monitoring committee of the alliance, which outlines further reductions or increases in oil production, convenes on the same day. Both meetings are expected to begin at 4:00 p.m. Moscow time (1:00 p.m. GMT).
Eight OPEC+ countries that assumed an obligation earlier on voluntary oil production cuts had an online meeting on April 3. The decision was made in conclusion of the meeting to expedite the increase of oil production to 411,000 barrels per day in May and June.
The eight countries are expected to convene on May 31 to discuss oil production targets for July.
Currently, Russia’s oil output is restricted under the OPEC+ agreement. From early 2024 through March 2025, Russia’s baseline quota, including voluntary reductions, is set at 8.978 mln bpd. This figure does not account for commitments to offset overproduced volumes.
As of April 2025, Russia began gradually increasing output under the OPEC+ plan. Production volume will continue to rise incrementally each month. For now, the recovery in output is scheduled to last until September 2026. However, OPEC+ has already accelerated production growth plans for May and June. For both months, the increase in output will match what was originally envisioned for a three-month period.
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