Eight members of Organization of the Petroleum Exporting Countries (OPEC+) have agreed to begin a gradual increase in oil production starting April 2026, citing improved global economic conditions and stronger market fundamentals.

The mission of OPEC is to coordinate and harmonise petroleum policies among member states to stabilise global oil markets, ensuring reliable supply to consumers, stable income for producers, and fair returns for industry investors.

The decision was reached during a virtual meeting held on March 1, 2026, involving Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman to review global oil market conditions and outlook.

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In a statement issued after the meeting, the countries said the move follows signs of stability in the global economy and tightening oil supplies.

“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,” the statement said.

The group agreed on a production adjustment of 206,000 barrels per day, which will take effect in April 2026.

According to the producers, the previously announced 1.65 million barrels per day voluntary cuts could be restored either partially or fully depending on market developments.

The countries emphasised that flexibility remains central to their strategy.

“The countries will continue to closely monitor and assess market conditions, and 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,” the statement noted.

The producers also indicated that the adjustment would allow participating countries to speed up efforts to compensate for earlier overproduction.

They reaffirmed their commitment to full compliance with the Declaration of Cooperation, adding that production levels will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).

“The eight countries reiterated their collective commitment to achieve full conformity… including the additional voluntary production adjustments that will be monitored by the JMMC,” the statement said.

Additionally, the countries confirmed plans to compensate fully for any excess production recorded since January 2024 and agreed to hold monthly meetings to assess market conditions, compliance, and compensation progress.

The next meeting of the eight OPEC+ countries is scheduled for April 5, 2026, where members will again review market developments and determine the next steps in production policy.

MA

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