Eight OPEC+ countries have agreed to adjust oil production levels in a coordinated move aimed at reinforcing stability in global energy markets, following a review of current conditions and future outlook.
The decision was made during a virtual meeting involving the United Arab Emirates, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The group assessed market trends as part of ongoing monitoring of voluntary production cuts introduced in April and November 2023.
Under the new agreement, the countries will implement a combined production adjustment of 206,000 barrels per day starting May 2026. This falls within the broader framework of 1.65 million barrels per day in voluntary cuts announced earlier. Officials noted that these volumes may be gradually returned to the market, either partially or fully, depending on evolving conditions.
The group stressed the need for a cautious and flexible approach, retaining the ability to increase, pause, or reverse adjustments. This includes revisiting the additional 2.2 million barrels per day cuts introduced in November 2023 if required.
Member countries also reiterated their commitment to full compliance with agreed production targets and confirmed plans to compensate for any excess output recorded since January 2024.
Beyond production levels, the countries highlighted concerns over attacks on energy infrastructure and disruptions to key maritime routes. They warned that such developments could strain supply chains, increase volatility, and undermine efforts to stabilise the market.
The alliance confirmed it will continue to meet monthly to monitor compliance and market developments, with the next review scheduled for 3 May 2026.
News Source: Emirates News Agency
