Opec will gradually ease output restrictions over the next three months
Opec+ confounds market with three-month cuts easing
The group had been widely anticipated to keep the prior agreement in place, but a rapidly agreed deal will see cuts relaxed through the summer
The Opec+ group has yet again caught markets off-guard, agreeing on 1 April to a gradual easing of output restrictions over the next three months. This means the 7mn bl/d of collective production withheld through to the end of April will be reduced by 350,000bl/d in May, by the same amount in June and by another 450,000bl/d in July. Meanwhile, Saudi Arabia will also ease its additional voluntary 1mn bl/d cut by 250,000bl/d in May, 350,000bl/d in June and 400,000bl/d in July, bringing 2.15mn bl/d of oil production back online by mid-summer. “Our return of this voluntary cut, we will do it also gradually, mindful of how the market may react” – Abdulaziz, Saudi energy minister With memb
Also in this section
12 June 2025
Asian and European interest gathers pace as Trump throws his weight behind frontier state
12 June 2025
The government is optimistic that increasing offshore activity and exploration will help revive flagging production, despite energy security fears
12 June 2025
Tariffs, AI, critical minerals and emerging markets all raise fundamental policy questions
