The OPEC+ countries (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman) have decided to increase oil production by 411,000 barrels per day in May. This decision is part of a gradual return to normal production levels following a voluntary cut of 2.2 million barrels per day announced in 2023. At the same time, another cut of 1.65 million barrels per day, agreed upon at the beginning of 2023, will continue to be in effect until December 2026.
This is reported by Business • Media
The increase in production in May will exceed previous forecasts by nearly 200%. The price of oil, which has already fallen by more than 4% following tariffs imposed by U.S. President Donald Trump, continued to decline after the OPEC announcement.
Meanwhile, the Russian Ministry of Finance reported that in March 2025, tax revenues to the Russian budget from oil and gas fell by 17% year-on-year, to ₽1.08 trillion (approximately $13 billion). This revenue decline was a result of forced discounts on Russian oil due to tightening American sanctions and a sharp strengthening of the ruble.
“These revenues were hit by forced discounts on Russian oil due to tightening American sanctions and a sharp strengthening of the ruble.”