Eight countries in the "OPEC+" alliance, including the UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have announced adjustments to production levels, reaffirming their joint commitment to supporting the stability of global oil markets.
This decision was made during a virtual meeting held today to review the current market situation and its future prospects, within the framework of monitoring the additional voluntary adjustments previously announced in April and November 2023.
As part of their collective commitment to market stability, the participating countries decided to implement a production adjustment of 206,000 barrels per day. This measure is part of the additional voluntary cuts totaling 1.65 million barrels per day announced in April 2023, and it will take effect starting May 2026.
The countries clarified that the total volume of 1.65 million barrels per day can be partially or fully returned to the market depending on market developments, and in a gradual manner. They emphasized that they will continue to closely monitor and assess market conditions.
In this context, the importance of a cautious approach and maintaining full flexibility regarding increasing, suspending, or reversing the gradual phase-out of voluntary production adjustments was highlighted. This includes the possibility of reversing the voluntary cuts of 2.2 million barrels per day announced in November 2023.
Furthermore, the eight countries noted that this measure provides an opportunity for them to accelerate the pace of compensating for overproduction volumes, reiterating their collective commitment to full compliance with the Cooperation Declaration, including the additional voluntary adjustments monitored by the Joint Ministerial Monitoring Committee on Production.
The countries also reaffirmed their determination to fully compensate for any overproduction volumes since January 2024. They reiterated the importance of protecting international sea lanes to ensure the uninterrupted flow of energy supplies. Expressing concern over attacks on energy infrastructure, the countries pointed out that rehabilitating damaged assets requires high costs and a long time, which impacts supply availability.
They stressed that any actions that undermine energy security, whether by targeting infrastructure or disrupting international navigation routes, contribute to market volatility and weaken collective efforts to stabilize markets in the interests of producers, consumers, and the global economy. The countries praised the initiatives taken by some members of the Cooperation Declaration to ensure supply continuity, especially through the use of alternative export routes, which helped mitigate market fluctuations.
It was announced that the eight countries will hold monthly meetings to review market conditions, compliance levels, and compensation, with the next meeting scheduled for May 3, 2026.
