OPEC+ agrees to raise oil output by 206,000 bpd from April ...Saudi Arabia

ٍٍٍSaudi Gazette - News

RIYADH — The eight countries of OPEC+ have agreed an increase in production by 206,000 barrels per day (bpd) from April. The OPEC+ countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman— took this decision in their virtual meeting held on Sunday to review global market conditions and outlook.The meeting agreed on a "production adjustment" of 206,000 bpd, which will be implemented in April," OPEC+ said in a statement. “In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206,000 barrels per day. This adjustment will be implemented in April 2026,” the statement said, adding “the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.”The OPEC+ countries will continue to closely monitor and assess market conditions. In their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments of the 2.2 million bpd announced in November 2023. The countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). The OPEC+ countries also confirmed their intention to fully compensate for any overproduced volume since January 2024.It is noteworthy that the eight countries raised production quotas by about 2.9 million bpd from April through December 2025, roughly 3 percent of global demand, before pausing increases for January to March 2026 due to seasonal weakness.

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Last updated : 01 March 2026 clock 04:45 PM

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