A statement posted on OPEC’s website on Sunday revealed that Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman have decided to boost production by more than 200,000 barrels per day.
“The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 … met virtually on March 1, 2026, to review global market conditions and outlook,” the statement noted.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206,000 barrels per day,” it added.
This adjustment will be implemented in April 2026, the statement noted. According to a table attached to the statement, Saudi Arabia and Russia will each be adding 62,000 barrels per day, Iraq will be adding 26,000 barrels per day, the UAE will be adding 18,000 barrels per day, Kuwait will be adding 16,000 barrels per day, Kazakhstan will be adding 10,000 barrels per day, Algeria will be adding 6,000 barrels per day, and Oman will be adding 5,000 barrels per day.
The table showed that, “required production” in April is 10.166 million barrels per day for Saudi Arabia, 9.637 million barrels per day for Russia, 4.299 million barrels per day for Iraq, 3.429 million barrels per day for the UAE, 2.596 million barrels per day for Kuwait, 1.579 million barrels per day for Kazakhstan, 977,000 barrels per day for Algeria, and 816,000 barrels per day for Oman.
“The 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 posted on OPEC’s site noted.
“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023,” it added.