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Informist, Monday, Mar. 2, 2026

 

MUMBAI – Eight member countries of the Organization of the Petroleum Countries and its allies have agreed to resume production hikes in April due to a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, OPEC said in a press release Sunday. The eight countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakistan, Algeria, and Oman — have agreed to implement a production increase of 206,000 barrels per day of crude oil in April.

 

The organisation had paused production hikes from January to March. The eight participating countries on Sunday decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023.

 

The countries will 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 continue pausing or reversing the additional voluntary production adjustment, including the previously implemented voluntary adjustment of 2.2 million barrels per day announced in November 2023.

 

These countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the joint ministerial monitoring committee, they said.

 

They also confirmed their intention to fully compensate for any overproduced volume since January 2024, the organisation said. The eight counties will meet again on Apr. 5, they said.  

 

The following table shows the required production by each of the eight member nations, in thousand barrels per day:

 

Country	Required production in Apr (kbd)	Required production in Mar (kbd)
Algeria	977	917
Iraq	4,299	4,273
Kuwait	2,596	2,580
Saudi Arabia	10,166	10,103
UAE	3,429	3,411
Kazakhstan	1,579	1,569
Oman	816	811
Russia	9,637	9,574

 

End

 

Reported by Reshma Ravi 

Edited by Tanima Banerjee

 

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