OPEC+ countries have agreed to increase oil production in May
6 April 04:01
The Organization of the Petroleum Exporting Countries (OPEC+) and its partners have agreed to increase oil production limits by 206,000 barrels per day in May. This follows from a joint statement by eight countries—Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—published on Sunday, April 5, following a video conference, reports "Komersant Ukrainian".
The countries decided to adjust oil production volumes to “maintain market stability,” the statement said.
At the previous meeting, held in March, OPEC+ members had already increased production limits by 206,000 barrels of oil per day.
Earlier, Reuters, citing sources, reported that the increase in production by OPEC+ countries is intended to signal to the global market that they are prepared to further ramp up oil production.
In particular, the increase in May quotas should help stabilize the sentiment of oil product buyers amid the blockade of the Strait of Hormuz and the war between the U.S. and Israel against Iran, which have already led to an energy crisis.
Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman completed their early exit from production cuts of 2.2 million barrels per day in September 2025, and in October began a gradual phase-out of additional production restrictions amounting to another 1.65 million barrels. From January to March 2026, OPEC countries paused their production increases.
The next OPEC+ meeting is scheduled for May 3.
Risk of supply disruptions amid the war in the Middle East
Due to the situation on the global energy market, many countries are switching suppliers. In particular, Thailand, which previously imported about half of its oil from the Persian Gulf countries, has begun negotiations with Russia.
India, in turn, has purchased oil from Iran for the first time in seven years. To stabilize the market, the U.S. has also temporarily suspended sanctions on Russian oil loaded onto tankers before March 12, 2026.
