Vienna: The eight member countries of the OPEC+ group, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, have approved an adjustment in production levels, increasing output by 206,000 barrels per day (bpd). This adjustment comes from the total voluntary additional adjustments of 1.65 million bpd announced in April 2023 and is set to take effect in May 2026.
According to Qatar News Agency, the decision follows a virtual meeting held on Sunday, where the eight countries confirmed that the measure is part of their commitment to supporting oil market stability. They noted that the 1.65 million bpd reduction could be partially or fully restored gradually, based on market conditions. The countries emphasized their intent to continue monitoring and assessing the market situation closely.
The OPEC+ members reaffirmed the necessity of a cautious approach while maintaining full flexibility. This approach allows for increases, suspensions, or reversals of gradual reinstatement of voluntary production adjustments, including the potential reversal of previous voluntary adjustments of 2.2 million bpd announced in November 2023.
The participating countries highlighted that this adjustment provides an opportunity to accelerate compensation efforts, underscoring their commitment under the Declaration of Cooperation. They stressed that compliance with additional voluntary adjustments will be monitored by the Joint Ministerial Monitoring Committee. The members confirmed their intent to fully compensate for any excess production since January 2024.
Concerns were also expressed by the countries regarding attacks on energy infrastructure. They noted that restoring damaged energy facilities to full operational capacity is both costly and time-consuming, impacting overall supply availability.
OPEC+ members emphasized that actions undermining energy supply security, such as attacks on infrastructure or disruptions of international maritime routes, contribute to market volatility. They stated that such actions weaken collective efforts under the Declaration of Cooperation, which aims to stabilize markets for the benefit of producers, consumers, and the global economy.