New Delhi, April 06: Amid ongoing geopolitical tensions in West Asia, eight key members of the OPEC+ — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — have agreed to implement a production adjustment of 206,000 barrels per day (bpd) in May 2026.
The decision was taken during a virtual meeting held on Sunday to assess global oil market conditions and future outlook.
According to a statement, the adjustment forms part of the broader 1.65 million bpd additional voluntary production cuts announced in April 2023. The group noted that these cuts may be partially or fully reversed in a gradual manner, depending on evolving market dynamics.
The participating countries reiterated their commitment to maintaining oil market stability and emphasised the need for a cautious and flexible approach. They highlighted that production strategies could be adjusted — including increases, pauses, or reversals — in response to changing global conditions, including earlier voluntary cuts of 2.2 million bpd announced in November 2023.
The alliance also reaffirmed adherence to the Declaration of Cooperation, with compliance to be monitored by the Joint Ministerial Monitoring Committee (JMMC). Member nations confirmed their intent to fully compensate for any excess production recorded since January 2024.
Expressing concern over recent attacks on energy infrastructure, the countries warned that damage to such assets can take significant time and investment to restore, potentially constraining global supply. They noted that disruptions to critical maritime routes and energy systems could heighten volatility and undermine efforts to stabilise markets.
In this context, the group commended member countries that have ensured continued supply through alternative export routes, helping mitigate disruptions and reduce volatility in global oil markets.
