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Tengrinews.kz - Kazakhstan, along with Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Algeria, and Oman, will increase oil output in July 2025 as part of a coordinated decision by OPEC+ members, the organization’s press service reported.
Representatives of the eight countries, which previously announced additional voluntary production adjustments in April and November 2023, held a virtual meeting on May 31, 2025, to review the state of the global oil market.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day in July 2025 from June 2025 required production level. This is equivalent to three monthly increments as detailed in the table below. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” the statement said.
The figure corresponds to three monthly increases.
OPEC noted that the gradual increases could be paused or reversed depending on changing market conditions, allowing the group to maintain oil market stability.
The eight OPEC+ countries also stated that the measure would enable them to accelerate compensation for previous overproduction.
“They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 6 July 2025 to decide on August production levels,” the press release stated.
Last year, in June 2024, Kazakhstan voluntarily cut oil production due to exceeding its output quota in May.
Read also: Kazakhstan made a statement on the OPEC+ agreement
