Eight members of the OPEC+ alliance have agreed to increase oil production by 206,000 barrels per day (bbl/d) starting in May 2026, as part of a gradual plan to ease earlier supply cuts and support market stability.

The decision was made during a virtual meeting held on April 5, bringing together Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman.

The increase forms part of a phased return of the 1.65 million barrels per day (mmbbl/d) in voluntary cuts first announced in April 2023. The group stressed that any further adjustments will depend on evolving market conditions and will be implemented cautiously, with the option to pause or reverse the investment plan if necessary.

The countries also reiterated their flexibility to revisit additional cuts of 2.2 mmbbl/d, announced in November 2023, depending on market developments.

They said the move would allow participating countries to accelerate compensation for any overproduction since January 2024, reaffirming their commitment to full compliance with the Declaration of Cooperation, monitored by the Joint Ministerial Monitoring Committee (JMMC).

The group also underscored the importance of safeguarding global energy supply routes, warning that disruptions to maritime transit or attacks on energy infrastructure could increase market volatility and affect supply availability. They noted that restoring damaged infrastructure is both costly and time-consuming.

The producers highlighted efforts to maintain supply through alternative export routes, which have helped ease market pressure. The eight countries will continue to meet monthly to review market conditions, with the next meeting scheduled for May 3.

Notably, OPEC+ had decided in late 2025 to pause planned production increases and keep output steady through the first quarter of 2026, citing uncertain market conditions and seasonal demand trends.