# Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and adjust production upward

> Eight OPEC+ countries, including Saudi Arabia, Russia and Iraq, met virtually on May 3, 2025 and agreed to raise production by 411,000 barrels per day in June, equal to three monthly increments. The group said the increases could be paused or reversed depending on market conditions. The decision was framed as a return of 2.2 million barrels per day of voluntary cuts starting April 1.

- Date: 2025-05-03 · published 2025-05-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/24601-saudi-arabia-russia-iraq-uae-kuwait-kazakhstan-algeria-and-oman-reaffirm
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The planned June supply increase adds to the surplus expected in the second half of 2025, which pressures crude prices. Lower crude reduces input costs for fuel and fertilizer but also weakens the value of biofuel feedstocks.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-10-05 | [Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production](https://feedsoft.ai/events/22301-saudi-arabia-russia-iraq-uae-kuwait-kazakhstan-algeria-and-oman-reaffirm.md) | -2.7% | -0.1% |
| BRENT | 2026-03-01 | [Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman Adjust Production and Reaffirm Commitment to Market Stability](https://feedsoft.ai/events/20078-saudi-arabia-russia-iraq-uae-kuwait-kazakhstan-algeria-and-oman-adjust.md) | +31.0% | +62.6% |
| BRENT | 2018-05-25 | [Russia and Opec agree to boost oil production – The Irish Times](https://feedsoft.ai/events/64939-russia-and-opec-agree-to-boost-oil-production-the-irish-times.md) | -3.5% | -5.4% |
| BRENT | 2018-07-03 | [Saudi, Russia Reaffirm OPEC Deal of Million-Barrel Oil Boost - Bloomberg](https://feedsoft.ai/events/63952-saudi-russia-reaffirm-opec-deal-of-million-barrel-oil-boost-bloomberg.md) | +0.7% | -2.6% |
| BRENT | 2022-06-02 | [Opec agrees to ramp up oil production, but fails to exclude Russia \| Opec \| The Guardian](https://feedsoft.ai/events/40841-opec-agrees-to-ramp-up-oil-production-but-fails-to-exclude-russia-opec-the.md) | +6.0% | -0.6% |
| WTI | 2025-10-05 | [Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production](https://feedsoft.ai/events/22301-saudi-arabia-russia-iraq-uae-kuwait-kazakhstan-algeria-and-oman-reaffirm.md) | -3.1% | +0.2% |
| WTI | 2026-03-01 | [Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman Adjust Production and Reaffirm Commitment to Market Stability](https://feedsoft.ai/events/20078-saudi-arabia-russia-iraq-uae-kuwait-kazakhstan-algeria-and-oman-adjust.md) | +35.6% | +50.4% |
| WTI | 2018-05-25 | [Russia and Opec agree to boost oil production – The Irish Times](https://feedsoft.ai/events/64939-russia-and-opec-agree-to-boost-oil-production-the-irish-times.md) | -7.0% | -2.7% |

## Sources

- moenergy.gov.sa: https://www.moenergy.gov.sa/en/media-center/news/saudi-arabia-russia-iraq-uae-kuwait-kazakhstan-algeria-oman-reaffirm-commitment-market-stability-current-healthy-oil-market-fundamentals-adjust-production-upward

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.