The eight OPEC+ countries (Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman) have agreed to increase their production by 206 kb/d, citing a steady global economic outlook and low oil inventories. This adjustment will take effect in April 2026 (OPEC+ press release, 01/03/2026).
“The eight participating countries have decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023". These "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.
For April 2026, the target oil production levels and production increments for these countries are set as follows: Saudi Arabia (10.2 mb/d, +62 kb/d), Russia (9.6 mb/d, +62 kb/d), Iraq (4.3 mb/d, +26 kb/d), the UAE (3.4 mb/d, +18 kb/d), Kuwait (2.6 mb/d, +16 kb/d), Kazakhstan (1.6 mb/d, +10 kb/d), Algeria (977 kb/d, +6 kb/d), and Oman (816 kb/d, +5 kb/d).
The decision comes amid the ongoing conflict in the Middle East involving the US, Israel, and Iran, a region that hosts several major global oil suppliers.