The OPEC Plus alliance decides to increase production by 206 thousand barrels per day in May

Eight countries in the OPEC+ alliance, namely the UAE, the Kingdom of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman, announced the adjustment of production levels, while emphasizing their joint commitment to supporting the stability of global oil markets.

This came during a virtual meeting held by the eight countries today to review global market conditions and their future prospects, as part of their follow-up to the additional voluntary amendments that were previously announced in April and November 2023.
As part of their collective commitment to support market stability, the participating countries decided to implement a production adjustment of 206 thousand barrels per day, as part of the additional voluntary adjustments amounting to 1.65 million barrels per day that were announced in April 2023, with this amendment to be implemented as of May 2026.

The countries explained that the total quantity of 1.65 million barrels per day could be partially or completely returned to the market according to developments in market conditions and gradually, indicating that they continue to closely follow and evaluate market conditions.
In this context, she stressed the importance of following a cautious approach and maintaining full flexibility with regard to increasing, suspending, or reversing the gradual cancellation of voluntary production adjustments, including the possibility of reversing the previous voluntary reductions of 2.2 million barrels per day that were announced in November 2023.

The eight countries also indicated that this measure provides an opportunity for the participating countries to accelerate the pace of compensation for excess production quantities, renewing their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary amendments followed by the Joint Ministerial Committee for Production Monitoring. It also confirmed its intention to fully compensate for any excess production quantities since January 2024.

The countries reaffirmed what was stated in the statement of the sixty-fifth meeting of the Joint Ministerial Committee regarding the critical importance of protecting international maritime navigation routes to ensure the continuity of the uninterrupted flow of energy supplies.
She expressed her concern about attacks targeting energy infrastructure, noting that rehabilitating damaged assets and restoring them to their full production capacity requires high costs and a long time, which affects the availability of supplies.

She stressed that any actions that would undermine the security of energy supplies, whether by targeting infrastructure or disrupting international shipping routes, contribute to increasing market volatility and weaken collective efforts within the Declaration of Cooperation to support market stability in a way that serves producers, consumers, and the global economy.

The countries praised the initiatives taken by some countries of the Declaration of Cooperation to ensure continuity of supplies, especially through the use of alternative export routes, which contributed to reducing market fluctuations. The eight countries announced that they will hold monthly meetings to review market conditions and levels of compliance and compensation, with the next meeting to be held on May 3, 2026.