8 OPEC+ members OK 206,000 bpd output hike as of April 8

Logo of OPEC

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman announced that they will gradually resume voluntary output cuts and increase oil production by 206,000 barrels per day (bpd) starting April 2026, citing healthy market fundamentals and lower oil inventories.

The eight countries, which held a virtual meeting today, March 1, said they will begin phasing out the voluntary cuts of 1.65 million bpd announced in April 2023. The gradual restoration of output will be guided by market developments, while retaining full flexibility to slow, stop, or reverse the increase if conditions require.

The countries also confirmed their full commitment to the OPEC+ Declaration of Cooperation (DoC), including compensating for any excess production since January 2024. The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee compliance and compensation.

The next meeting is scheduled for April 5, 2026, to review market conditions and adherence to production quotas.