OPEC+ shakes markets as oil production increases accelerate

Published at: 03/04/2025 09:19 PM

The OPEC+ alliance, led by Saudi Arabia and Russia, announced this Thursday, April 03, an unexpected increase in its crude oil production, which will reach 411 thousand barrels per day (bd) starting in May.

This increase, almost triple what was initially expected, seeks to return to the market part of the volumes cut in recent years, the Telesur website reported.

The adjustment, which involves countries such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, was decided during a teleconference of the ministers of the sector.

According to the official statement of the Organization of Petroleum Exporting Countries (OPEC), the measure responds to the “healthy market situation and positive prospects”.

The text details that this increase includes the adjustment initially planned for May, in addition to two additional monthly increases.

This plan is part of a larger agreement to gradually return 2.2 million barrels per day (mbd) to the market, voluntarily cut back in 2023. However, the organization warned that the plan could be paused or reversed depending on market conditions.

The decision comes at a time of high volatility, a few hours after U.S. President Donald Trump announced new import tariffs, raising fears of a global economic slowdown and lower energy demand.

With this measure, OPEC+ seeks to balance the oil market, although the long-term effects will depend on the evolution of trade tensions and the response of international markets.