Abu dhabi: The eight OPEC+ countries, including the United Arab Emirates, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman, have announced an adjustment to oil production levels, aiming to support stability in global oil markets. This decision follows a virtual meeting held to review global market conditions and future outlook, as part of ongoing monitoring of the additional voluntary adjustments previously announced in April and November 2023.
According to Emirates News Agency, the participating countries decided to implement a production adjustment of 206,000 barrels per day (bpd) within the framework of the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will take effect from May 2026. The countries stated that the total 1.65 million bpd could be returned partially or fully to the market based on evolving conditions, noting their continued close monitoring and assessment of market developments.
The leaders emphasized a cautious approach, maintaining full flexibility concerning increasing, pausing, or reversing the gradual phase-out of voluntary production adjustments. This includes the possibility of reversing the previously announced 2.2 million bpd voluntary cuts introduced in November 2023. The countries reaffirmed their commitment to full compliance with the Declaration of Cooperation, including the additional voluntary adjustments monitored by the Joint Ministerial Monitoring Committee.
They confirmed their intention to fully compensate for any excess production since January 2024. The importance of safeguarding international maritime routes to ensure uninterrupted energy supplies was reiterated, as highlighted in the 65th Joint Ministerial Monitoring Committee meeting. Concerns were raised over attacks targeting energy infrastructure, noting that restoring damaged assets requires significant time and cost, impacting supply availability.
The countries stressed that any actions undermining energy supply security contribute to increased market volatility and weaken efforts under the Declaration of Cooperation to support market stability. They commended initiatives by some participating countries to ensure supply continuity, particularly through alternative export routes, which have helped reduce market volatility.
The eight countries announced plans to hold monthly meetings to review market conditions, compliance, and compensation, with the next meeting scheduled for May 3, 2026.
