Increased Oil Production for Kazakhstan within OPEC+, surpassing 1.4 million barrels daily, set for May.
Taking or Leave it, That's OPEC+'s Move in May!
Astana (Kazakhstan) - The gang's all here! OPEC+, including Kazakhstan, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Algeria, and Oman, have set their sights on a collective production quota of 1.486 million barrels per day (mbd) in May, according to OPEC+ press service after their April 3 meeting of their eight kingpins.
Photo credit: Kazakh Ministry of Energy
Looking back at recent history, these oil-rich nations made a splash in April and November 2023 by announcing additional voluntary adjustments to their oil production.
The coming production adjustment will be a whopping 411,000 bpd, split into three equal portions over the upcoming months. But what goes up might not always stay up - their statement cautions that future increases could be paused or reversed depending on the ever-changing market conditions.
They're all keeping their fingers crossed for compliance and spare capacity. Although efforts to meet compensation targets have been a rocky road, they've vowed to make things right starting from January 2024. Speaking of which, they've agreed to submit updated front-loaded compensation plans to the OPEC Secretariat by mid-April.
Here's What We Know About Recent and Future Adjustments:- Back in April to June 2023, OPEC+ was already gearing up to restore nearly 1 mbd of previously withheld crude oil production.- Fast forward to May and June 2025, OPEC+ accomplished a daredevil production increase of 411,000 bpd for May and another 411,000 bpd for June. This was all part of a gradual rollback of their voluntary output cuts.- Future adjustments are up in the air, but OPEC+ could very well make more moves depending on the state of play. They meet monthly to keep a pulse on market conditions and compliance levels, leaving room for flexibility in production targets.
Unfortunately, the nitty-gritty details on individual country quotas for May 2023 are a bit murky. Typically, OPEC+ production adjustments are agreed upon collectively, with each nation contributing based on their production capacity and pre-agreed targets. To get the scoop on exact quotas for that month, you'll need to consult official OPEC+ statements or reports from that period.
The industry watchdog, OPEC+, has announced a significant increase in oil production, with each nation contributing to a collective output of 1.486 million barrels per day in May. Despite this, the finance and energy sectors remain cautious, as future adjustments could be influenced by market conditions.
In the upcoming months, the oil-and-gas industry, especially the OPEC+ countries, will monitor market changes and compliance levels to decide on any further adjustments to their production quotas.
