OPEC+ increases its oil output as Russia sees a drop in hydrocarbon revenue.

The OPEC+ countries – Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman – have decided to raise 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 reduction of 2.2 million barrels per day announced in 2023. An additional cut of 1.65 million barrels per day, agreed upon in early 2023, will remain in effect until December 2026. The May production increase will be nearly 200% larger than previously anticipated. Oil prices, which had already dropped more than 4% since Trump imposed tariffs, continued to decline following OPEC’s announcement.

Meanwhile, the Russian Finance Ministry reported that in March 2025 Russian tax revenues from oil and gas decreased by 17% year-over-year to ₽1.08T ($13B). These revenues were impacted by forced discounts on Russian oil due to tightening US sanctions and a significant strengthening of the ruble.