Eight members of the OPEC+ alliance have announced plans to increase oil production by 411,000 barrels per day in June 2025, as part of a gradual move to unwind recent output cuts.

This move follows a virtual meeting between Saudi Arabia, Russia, and six other oil-producing nations within the group, including Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.

The decision to ramp up production comes amid favorable market conditions, including low oil inventories, and follows the group’s agreement to slowly return 2.2 million barrels per day in voluntary cuts that began in April.

OPEC+ explained in a statement: “Given the current healthy market fundamentals, the eight participating countries will implement a production adjustment of 411 thousand barrels per day in June 2025, up from May’s required production level.”

However, they emphasized that these increases could be paused or reversed based on evolving market conditions to maintain stability.

The group has also reiterated its commitment to ensure full conformity with the Declaration of Cooperation, which includes monitoring additional voluntary production adjustments.

As the global oil market faces pressures from trade tariffs and concerns over an economic slowdown, oil prices have seen a decline, with Brent crude futures dropping to $61.29 a barrel.

The eight OPEC+ countries will meet again in June 2025 to assess production levels for July.