OPEC+ adjusts oil production by 206 thousand barrels per day, starting in May

The eight member states of the “OPEC Plus” group held a video meeting, today, Sunday, to review developments in the petroleum market and its future prospects, with the participation of the Kingdom of Bahrain, the Kingdom of Saudi Arabia, Russia, Iraq, the Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

The eight countries decided, as part of their commitment to support market stability, to implement an adjustment in production levels amounting to 206 thousand barrels per day out of the total voluntary adjustments amounting to 1.65 million barrels per day, provided that this amendment is implemented in May 2026, with an emphasis on the possibility of gradually restoring the reduction quantities according to market variables and maintaining full flexibility to increase or stop production.

The group expressed its deep concern about attacks targeting energy infrastructure, stressing that restoring damaged facilities to operating capacity is a costly and time-consuming process, affecting global supplies.

Member States stressed that targeting infrastructure or disrupting international maritime shipping lanes increases market volatility and undermines collective efforts aimed at stabilizing markets to the benefit of producers, consumers, and the global economy.

The meeting praised the countries participating in the “Declaration of Cooperation” that took measures to ensure the continuity of supplies through alternative export paths, stressing the determination to compensate for all excess production quantities since January 2024 AD, provided that the group holds monthly meetings to follow up on developments, as the next meeting was set for May 3, 2026 AD.