Mataf nearly empty as entry to Makkah restricted to Hajj visa holders    Cinema revenues account for SR845.6 million in 2024 17 Saudi films among 504 films screened    Will US tariff hikes affect Saudi Arabia? Kingdom largely insulated as oil exports remain exempt and non-oil sectors gain a pricing edge    Expat arrested for immoral act at a massage center in Jazan    Saudi Transplant Congress discusses scientific advancements and innovations on organ donation and transplantation    Mawani and Alissa Universal Motors sign agreement worth SR300 million to establish Logistics Zone at King Abdulaziz Port in Dammam    Al-Khereiji at BRICS: Saudi Arabia a reliable and neutral partner in endeavors for de-escalating tensions    Saudi market shows resilience in Q1 2025 despite global volatility: Report    Saudi Arabia urges India and Pakistan to de-escalate tensions    Trump congratulates Canada's Carney as they agree to meet in 'near future'    Sánchez vows to uncover reasons behind massive Iberian power outage    Guterres warns two-state solution is 'near a point of no return'    Al Ahli stun Al Hilal to reach AFC Champions League Elite final    4 Chinese nationals arrested in Makkah for promoting fake Hajj campaigns    SR200,000 reward for each player of the Saudi club winning AFC Champions League title    William and Kate celebrate anniversary on Isle of Mull    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



OPEC+ decides to proceed with planned April output hike
Published in The Saudi Gazette on 03 - 03 - 2025

RIYADH — The meeting of OPEC+ alliance has decided on Monday to proceed with a planned April oil output increase. "This gradual increase may be paused or reversed subject to market conditions and this flexibility will allow the group to continue to support oil market stability," OPEC said in a statement following the meeting of eight OPEC+ countries via videoconference. The meeting reviewed global market conditions and the future outlook.
The increase, which is estimated at 138,000 barrels per day, is the first since 2022 from OPEC+ countries, which include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
During the meeting, the OPEC+ countries reaffirmed their commitment to market stability amid a positive outlook for oil markets. These countries had announced additional voluntary adjustments in April and November 2023.
Taking into account the healthy market fundamentals and the positive market outlook, the meeting re-affirmed their decision agreed upon on December 5, 2024, to proceed with a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting on 1 April, 2025, while remaining adaptable to evolving conditions.
Accordingly, this gradual increase may be paused or reversed subject to market conditions. This flexibility will allow the group to continue to support oil 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 (Joint Ministerial Monitoring Committee) meeting held on April 3, 2024.
The OPEC+ countries also confirmed their intention to fully compensate for any overproduced volumes since January 2024, in accordance with the compensation plans submitted to the OPEC Secretariat, ensuring that all compensations are completed by June 2026.
The countries with overproduced volumes have also agreed to frontload their compensation plans, so that more of the overproduced volumes are compensated in the earlier months of the compensation period.


Clic here to read the story from its source.