Eight OPEC+ countries announce production adjustment to support market stability
On 5 April 2026, eight OPEC+ countries - Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman - held a virtual meeting to review global market conditions and outlook, Qazinform News Agency learned from opec.org.
In line with their collective commitment to oil market stability, the participating countries agreed to implement a production adjustment of 206 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will be applied in May 2026.
“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 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, including reversing the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023,” a statement reads.
The countries emphasized that this measure will also allow them to accelerate compensation efforts. They reaffirmed their commitment to full conformity with the Declaration of Cooperation (DoC), including voluntary adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They further confirmed their intention to fully compensate for any overproduction since January 2024.
The eight countries underscored the importance of safeguarding international maritime routes to ensure uninterrupted energy flows.
They expressed concern over attacks on energy infrastructure, noting that restoring damaged assets is costly and time-consuming, thereby affecting supply availability. Such disruptions, they stressed, increase market volatility and undermine collective efforts under the DoC.
The eight countries commended the DoC countries that took the initiative to ensure the continued availability of supplies, particularly through the use of alternative export routes, which have contributed to reducing market volatility.
The countries agreed to hold monthly meetings to review market conditions, conformity, and compensation. Their next meeting is scheduled for 3 May 2026.
