OPEC+ Members Adjust Production For Stability, Reaffirm Market Commitment

The eight OPEC+ countries decided to start unwinding part of their extra voluntary oil cuts, agreeing on a joint production increase of 206,000 barrels per day, to be applied in April 2026, while keeping the option to adjust this plan if market conditions change.

These producers had previously announced additional voluntary adjustments in April and November 2023. The group includes Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman. They met virtually to reassess the situation in the global oil market and update their shared strategy.

The decision focuses on the 1.65 million barrels per day of additional voluntary adjustments agreed in April 2023. The group plans to resume unwinding these cuts, with the 1.65 million barrels per day possibly returning in full or in stages, depending on market developments and the pace judged appropriate by the participating countries.

Officials noted that the global economic outlook appears steady, while oil market fundamentals are described as healthy, supported by low inventory levels. Against this background, the group believes the planned production adjustment supports balance, yet still allows quick responses if demand or supply conditions start to shift.

The countries stressed that they will keep full flexibility to increase, pause, or reverse the phase out of the voluntary production adjustments. This includes the option to reverse the previously implemented voluntary cuts of 2.2 million barrels per day announced in November 2023, if required to maintain stability in the oil market.

The eight OPEC+ countries stated that this step creates room for faster completion of compensation by members that have overproduced. They renewed their joint commitment to the Declaration of Cooperation and the additional voluntary production adjustments, which will continue to be tracked and evaluated by the Joint Ministerial Monitoring Committee, known as the JMMC.

The group also confirmed an intention to fully compensate for any overproduced volumes since January 2024. Representatives agreed to meet every month to review market conditions, monitor conformity with agreed targets, and oversee progress on compensation, ensuring that actual production continues to match the collective decisions.

The eight OPEC+ countries scheduled another joint meeting, in addition to the monthly reviews, to continue monitoring their strategy. The statement was reported by SPA, which also noted the release time as 14:57 local time and 11:57 GMT, reflecting the ongoing coordination around their production policy and communications.

With inputs from SPA