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.

U.S. crude oil output rose to 13.49 million barrels per day in March, up from 13.16 million bpd in February and the prior all-time high of 13.45 million bpd in October 2024.

Its target scenario sees output of 540 million tons at the end of this decade and also by midcentury, a document published Monday showed. That’s equivalent to about 10.84 million barrels a day and is only marginally above volumes in 2023, the baseline for the paper. Shipments abroad are also expected to hold steady.

The global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d, y-o-y. This minor adjustment is mainly due to received data for 1Q25 and the expected impact on oil demand given recently announced US tariffs.

The Committee valued the additional voluntary production adjustments made by the 8 OPEC plus countries which were announced in April and November 2023 in supporting market stability.

Furthermore, the eight countries reiterated their collective commitment to full conformity with the additional voluntary production adjustments as agreed under the 53rd JMMC meeting on April 3, 2024. T

The JMMC reviewed the crude oil production data for the months of November and December 2024 and noted the high overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC). The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion.

The meeting was conducted to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. The aforementioned countries decided, in addition to the latest decisions from the 38th ONOMM, to extend the additional voluntary adjustments of 1.65 million barrels per day that were announced in April 2023, until the end of December 2026.

The Meeting constitutes an important milestone in the energy dialogue. It emphasized the strategic importance of cooperation between OPEC and the Russian Federation, including through the frameworks of the ‘Declaration of Cooperation’ and the ‘Charter of Cooperation’.

The global oil demand growth forecast for 2024 is revised down slightly by 107 tb/d from the previous month’s assessment to 1.8 mb/d, y-o-y.