Unwinding Plan
OPEC, allies decide to proceed with production hikes from April
This story was originally published at 09:54 IST on 4 March 2025
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MUMBAI – Eight member nations of the Organization of the Petroleum Exporting Countries and its allies have decided to proceed with the gradual unwinding of the voluntary production cuts from Apr. 1, according to an official statement by the cartel. This gradual increase in production may be paused or reversed, subject to market conditions, the cartel said.
The eight members of OPEC and its allies--Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman--had announced the voluntary production cuts in April and November 2023. The countries reiterated their collective commitment to full conformity with the additional voluntary production adjustments, the release said.
They also confirmed their intention to fully compensate for any overproduced volumes since January 2024. End
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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