The Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to increase oil production by 206,000 barrels per day (bpd) from April.
The development is coming against the backdrop of deteriorating geopolitical tensions in the Middle East, with crude oil production surging to $79 a barrel.
In a statement, OPEC said the decision was made by eight member countries after a meeting on Sunday.
The eight countries include Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
“The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 March 2026, to review global market conditions and outlook,” the statement reads.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206 thousand barrels per day.”
According to the oil cartel, the adjustment will be implemented in April 2026.
The international organisation said the 1.65 million bpd may be “returned in part or in full subject to evolving market conditions and in a gradual manner”.
OPEC said the countries will continue to closely monitor and evaluate market conditions, emphasising the need to take a cautious approach as part of their ongoing efforts to maintain market stability.
According to the oil alliance, the countries also retained 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 bpd announced in November 2023″.
“The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the group said.
