OPEC+ Countries Decide To Increase Oil Production Quotas

2026-04-06 02:06:46

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, April 6. The eight OPEC+ countries - Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman - have decided to increase oil production quotas by 206,000 barrels per day in May 2026, Trend reports via OPEC.

The move is part of the gradual unwinding of the additional voluntary cuts totaling 1.65 million barrels per day, announced in April 2023.

“The 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner,” OPEC said.

The countries reiterated their commitment to full compliance with the Declaration of Cooperation (DoC), including the additional voluntary adjustments, which will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).

The OPEC+ also voiced concern over attacks on energy infrastructure, noting that restoring damaged facilities is both costly and time-consuming, which in turn affects overall supply availability. They emphasized that any actions undermining energy security heighten market volatility and weaken joint efforts under the DoC to maintain stability for producers, consumers, and the global economy.

For April 2026, OPEC+ countries approved an increase in oil production quotas by 206,000 barrels per day.

MENAFN06042026000187011040ID1110945532

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.