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Informist, Monday, Apr. 6, 2026

MUMBAI – The eight member countries of the Organization of the Petroleum Exporting Countries and its allies have agreed to implement a production increase of 206,000 barrels per day of crude oil in May from the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023. 

The eight countries, which include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakistan, Algeria, and Oman, raised concerns about attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, which in turn limits overall supply availability.

Accordingly, they stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the Declaration of Cooperation to support market stability for the benefit of producers, consumers, and the global economy, they said. In this regard, the eight countries commended the Declaration of Cooperation countries that took the initiative to ensure the continued availability of supplies, particularly through the use of alternative export routes, which have contributed to reducing market volatility.

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.

The countries will closely monitor and asses 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. 

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 May. 3, they said.  

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

End

US$1 = INR 93.10

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Reshma Ravi

Edited by Akul Nishant Akhoury

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