Eight key countries in the OPEC+ alliance – Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman – announced a new strategic move aimed at restoring balance to global energy markets, deciding to gradually resume voluntary cuts and increase production by 206,000 barrels per day starting in April 2026.
Details of the decision and implementation timeline
This announcement came after a virtual meeting held by the eight countries on March 1, 2026, where it was agreed to begin unwinding the voluntary cuts of 1.65 million barrels per day, which had been previously announced in April 2023. The countries present explained that this decision comes in light of positive indicators confirming the soundness of market fundamentals and the decline of global oil inventories to levels that necessitate an increase in supply to maintain price stability and meet growing demand.
Distribution of production increase quotas
According to the approved schedule for April 2026, the planned increase of 206,000 barrels per day was distributed among member countries based on their market shares and production capacities, and the details are as follows:
- Saudi Arabia and Russia: an increase of 62,000 barrels per day each.
- Iraq: An increase of 26,000 barrels per day.
- UAE: An increase of 18,000 barrels per day.
- Kuwait: An increase of 16,000 barrels per day.
- Kazakhstan: An increase of 10,000 barrels per day.
- Algeria: An increase of 6,000 barrels per day.
- Sultanate of Oman: An increase of 5,000 barrels per day.
The economic context and the importance of resilience
This move comes within the framework of the "Declaration of Cooperation" to which member states are committed, which aims to ensure the stability of global oil markets in a way that serves the interests of both producers and consumers. The eight countries affirmed that the return to previous production levels will be contingent on market developments, while maintaining full flexibility to slow, halt, or even reverse the pace of increases should global economic conditions warrant it.
This decision reflects an accurate assessment of the global economic landscape, with forecasts indicating a recovery in energy demand by 2026. This necessitates increased production to prevent a supply gap that could lead to unjustified price hikes. The countries also emphasized their full commitment to compensating for any overproduction identified since January 2024, with the Joint Ministerial Monitoring Committee (JMMC) closely monitoring compliance rates and compensation mechanisms.
Next steps
The member states are scheduled to hold their next meeting on April 5, 2026, to periodically review market conditions and ensure compliance with the established quotas, thereby enhancing the credibility of the alliance and its ability to adapt to the geopolitical and economic changes affecting the energy sector.
