ASIATODAY.ID, RIYADH – Eight key members of the OPEC+ alliance — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — have agreed to adjust production levels while reaffirming their commitment to maintaining global oil market stability.
The decision was reached during a virtual meeting held on March 1, 2026, where the eight countries reviewed global market conditions and the outlook. The meeting follows additional voluntary production adjustments previously announced in April and November 2023.
Production to Rise by 206,000 Barrels Per Day in April 2026
Citing a steady global economic outlook and healthy market fundamentals — reflected in relatively low oil inventories — the participating countries decided to begin unwinding the 1.65 million barrels per day (bpd) of additional voluntary cuts announced in April 2023.
As a first step, they agreed on a production increase of 206,000 barrels per day, effective April 2026.
However, the group emphasized that the return of the 1.65 million bpd could proceed partially or in full, depending on evolving market conditions. The increase will be implemented gradually and remains subject to ongoing assessment.
Full Flexibility to Increase, Pause, or Reverse
The eight producers underscored the importance of a cautious and flexible approach. They reiterated their readiness to: Increase output, Pause adjustments, Reverse the phase-out of voluntary cuts if necessary.
This includes the possibility of reversing the previously implemented voluntary reductions totaling 2.2 million bpd announced in November 2023, should market conditions warrant such action.
The statement signals that OPEC+ remains determined to retain firm control over supply management amid geopolitical uncertainties and fluctuating global demand.
Commitment to Compliance and Compensation
The countries reaffirmed their collective commitment to full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also confirmed their intention to fully compensate for any overproduction recorded since January 2024.
To ensure discipline and transparency, the eight countries will continue holding monthly meetings to review: Market conditions, Compliance levels and Compensation mechanisms.
Their next meeting is scheduled for April 5, 2026.
A Strong Signal to Global Energy Markets
The move sends a calculated message to global energy markets. While expressing confidence in economic resilience and demand stability, OPEC+ leaders are simultaneously safeguarding price stability through a controlled and flexible supply strategy.
By carefully calibrating production increases, the alliance once again demonstrates its central role in shaping the direction of the global oil market. (AT Network)
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