OPEC+ announces an increase in oil production by 206 thousand barrels per day from next May
The eight member countries of the OPEC+ alliance announced today, Sunday, the implementation of an amendment to Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman, virtually on April 5, 2026, to review global market conditions and expectations. The coalition said in a statement that the production adjustment is coming "As part of its collective commitment to support oil market stability"Pointing out that the coalition countries will continue to monitor and evaluate Market conditions closely, as part of its continuing efforts to support market stability. The statement reiterated the importance of adopting a cautious approach and maintaining full flexibility to increase, stop or cancel voluntary adjustments to production, including canceling the previously implemented voluntary adjustments of 2.2 million barrels per day announced in November 2023. As the eight member states indicated in "OPEC+" This measure will give participating countries the opportunity to accelerate the compensation process. The eight countries renewed their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary adjustments to production that will be monitored by the Joint Ministerial Oversight Committee. It also confirmed its intention to fully compensate for any surplus production since January 2024. In addition, the eight OPEC+ member states reiterated the statement of the Joint Ministerial Oversight Committee issued at its 65th meeting, which highlights the critical importance of protecting international sea lanes to ensure the continued flow of energy without interruption. The eight OPEC+ member states have scheduled monthly meetings to review market conditions, compliance, and compensation, and their next meeting will be held on May 3, 2026.
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