A statement posted on OPEC’s website on Sunday revealed that Saudi Arabia, Russia, Iraq, the UAE (United Arab Emirates), Kuwait, Kazakhstan, Algeria, and Oman have decided to boost production by more than 200,000 barrels per day next month.
“The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 … met virtually on 5 April 2026, to review global market conditions and outlook,” the statement noted.
“In their collective commitment to support oil market stability, the eight participating countries decided to implement a production adjustment of 206,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023,” it added, revealing that this adjustment will be implemented in May.
According to a table accompanying the statement, next month, Saudi Arabia and Russia will each boost output by 62,000 barrels per day, Iraq will increase output by 26,000 barrels per day, the UAE will increase by 18,000 barrels per day, Kuwait will boost production by 16,000 barrels per day, Kazakhstan will increase output by 10,000 barrels per day, Algeria will increase by 6,000 barrels per day, and Oman will increase by 5,000 barrels per day.
The table outlined that “required production” in May will be 10.228 million barrels per day for Saudi Arabia, 9.699 million barrels per day for Russia, 4.326 million barrels per day for Iraq, 3.447 million barrels per day for the UAE, 2.612 million barrels per day for Kuwait, 1.589 million barrels per day for Kazakhstan, 983,000 barrels per day for Algeria, and 821,000 barrels per day for Oman.
“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 statement said.
“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,” it added.
“The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” it went on to state.
According to the statement, 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)”. They also confirmed their intention to fully compensate for any overproduced volume since January 2024, the statement highlighted.
“In addition, the eight OPEC+ countries reiterated the JMMC’s [Joint Ministerial Monitoring Committee] statement for its 65th meeting, highlighting the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy,” the statement pointed out.
“The eight countries also expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability,” it added.
“Accordingly, they stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the DoC to support market stability for the benefit of producers, consumers, and the global economy,” it continued.
“In this regard, 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,” it stated.
The statement revealed that the eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation and said they will next meet on May 3.
A separate statement posted on OPEC’s site on April 5 highlighted that the JMMC – comprising Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela – held its 65th meeting via videoconference that day.
“The JMMC reviewed current market conditions and emphasized the essential role of the Declaration of Cooperation (DoC) in supporting the stability of global energy markets,” that statement said.
“In this context, the committee highlighted the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy,” it added.
“It also expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability,” it continued.
“Accordingly, the committee stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the DoC to support market stability for the benefit of producers, consumers, and the global economy,” it noted.
“In this regard, the committee 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,” it went on to state.
The statement said the JMMC will continue to closely monitor market conditions and highlighted that the JMMC retains the authority to convene additional meetings or request an OPEC and non-OPEC Ministerial Meeting, “as established at the 38th ONOMM held on 5 December 2024”. It pointed out that the next JMMC meeting is scheduled for June 7.
In a report sent to Rigzone on Wednesday by the Standard Chartered team, Standard Chartered Bank Energy Research Head Emily Ashford warned that the next OPEC+ meeting on April 5 “could result in abandonment of voluntary output cuts and compensation cuts”.
A statement posted on OPEC’s website on March 1 revealed that Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman had decided to boost production by 206,000 barrels per day in April. A statement posted on OPEC’s website on February 1 revealed that the eight countries had “reaffirmed their decision on 2 November 2025 to pause production increments in March 2026 due to seasonality”.
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