Production Increase
Eight members of OPEC, allies to continue to hike output by 411,000 bpd June
This story was originally published at 11:00 IST on 5 May 2025
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MUMBAI – Eight member nations of the Organization of the Petroleum Exporting Countries and its allies, at a meeting on Saturday, agreed to continue to increase production by 411,000 barrels per day for the second consecutive month in June, according to an official statement by the cartel.
This is equivalent to three monthly increments and will see key member states Saudi Arabia and Russia increase production, according to the release. "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."
Taking cues from the decision, the most-active June crude oil contract fell more than 5% from its Friday's close to $55.30 per barrel Monday on the NYMEX. At 1014 IST, the contract was down more than 4% at $55.92 per barrel.
Reuters reported citing sources that Saudi Arabia is pushing OPEC and allies to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas.
The following shows the required production by each of the eight member nations in June compared with May in thousand barrels per day:
| Country | Required production in May | Required production in June |
| Algeria | 919 | 928 |
| Iraq | 4,049 | 4,086 |
| Kuwait | 2,443 | 2,466 |
| Saudi Arabia | 9,200 | 9,367 |
| UAE | 3,015 | 3,092 |
| Kazakhstan | 1,486 | 1,500 |
| Oman | 768 | 775 |
| Russia | 9,083 | 9,161 |
End
US$1 = INR 84.25
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi
Edited by Ashish Shirke
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