8 OPEC+ members to raise output by 206,000 bpd from May

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Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman agreed to boost output by 206,000 barrels per day from next May, as part of the gradual unwinding of a 1.65 million bpd voluntary cut announced in April 2023.

The eight producers said the increase could be adjusted, paused or reversed depending on market conditions.

In a statement following a virtual meeting today, April 5, OPEC+ said the move aims to support oil market stability, while maintaining “full flexibility” in managing voluntary cuts, including potentially reversing the phased rollback of an additional 2.2 million bpd reduction announced in November 2023.

The group added that the step allows participating countries to accelerate compensation plans for excess production, reaffirming full compliance with the Declaration of Cooperation. Any output above agreed levels since January 2024 will be fully offset under the supervision of the Joint Ministerial Monitoring Committee (JMMC).

They also praised countries that maintained supplies through alternative export routes.

The group agreed to hold monthly meetings to review market conditions, compliance and compensation levels, with the next meeting scheduled for May 3, 2026.