OPEC+ countries are preparing to revise their oil production plans in an effort to stabilize the global market, Iranian Oil Minister Mohsen Paknejad told reporters.
“We’re planning to make adjustments,” he said, without specifying the time frame. “We’ll be making certain decisions together with other OPEC+ nations to bring stability to the market.”
While Iran is a member of OPEC and participates in OPEC+ talks, it is exempt from production quotas. In 2025, Paknejad also serves as President of the OPEC Conference—a role held annually by a representative from one of the member countries.
“As the current OPEC Conference President, I’m engaged in talks with colleagues from other OPEC+ countries about adjusting production volumes being brought to market,” he said. “Sometimes that means cutting output, sometimes increasing it. There’s also a mechanism to compensate for overproduction. Right now, we’re focused on stabilizing these kinds of decisions.”
Paknejad also pointed to U.S. tariff policies and ongoing tensions between Washington and Beijing as contributing factors behind the recent dip in oil prices in early April. He added that current supply levels from OPEC+ members were also playing a role in the market dynamics.
In early April, eight OPEC+ countries that had voluntarily agreed to cut oil production by a combined 2.2 million barrels per day (bpd) held a virtual meeting. They decided to accelerate output increases to 411,000 bpd in May—significantly more than the originally planned 135,000 bpd. The group will reconvene on May 5 to finalize production plans for June.
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Based on TASS materials