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OPEC+ states re-affirm decision on start of output increase in April

The gradual withdrawal from voluntary output cuts is planned from April 2025 to September 2026

MOSCOW, March 3. /TASS/. Eight OPEC+ countries that have been voluntarily reducing oil output by 2.2 mln barrels per day since the beginning of 2024, have decided to keep the start of production recovery planned for April in force, OPEC said in a statement.

Among the countries that have been voluntarily reducing output are Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Algeria, and Oman. Representatives of those countries held an online meeting on March 3 to analyze the situation on the oil market.

The gradual withdrawal from voluntary output cuts is planned from April 2025 to September 2026. Meanwhile OPEC+ admits that the output increase may be paused or reversed subject to market conditions.

Members of the alliance may boost production by 138,000 barrels per day in April, according to TASS calculations based on oil production schedules approved at an OPEC+ meeting on December 5. Russia may boost production by 26,000 barrels per day to 9.004 mln barrels per day in April, while Saudi Arabia’s output may rise by 56,000 barrels per day to 9.034 mln barrels per day.

Meanwhile the schedules do not consider certain OPEC+ member states’ compensated overproduced volumes. Earlier among OPEC+ ‘debtors’ were Iraq, Kazakhstan, and Russia. The updated compensation schedules are to be submitted to the OPEC Secretariat by March 17, 2025.

Moreover, the UAE maintained the possibility to gradually increase its OPEC+ quota by 300,000 barrels per day from April 2025 through September 2026. The permitted oil output level for the country will ultimately stand at 3.519 mln barrels per day.

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