The eight OPEC+ countries, which has previously declared additional voluntary adjustments in April and November 2023: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman has met virtually on March 1, 2026, to review global market conditions and outlook.
The Organization of the Petroleum Exporting Countries (OPEC) oil-producing nations have agreed to begin easing their additional voluntary output cuts, citing a steady global economic outlook and strong market fundamentals, including relatively low crude inventories.
The group will gradually unwind the 1.65 million barrels per day (bpd) in voluntary reductions first announced in April 2023, starting with a production increase of 206,000 bpd in April 2026. Details of the adjustment are outlined in the accompanying schedule. The full 1.65 million bpd could be restored either partially or entirely, depending on market conditions, and will be phased back in gradually.
The countries emphasized that they will continue to closely monitor oil market developments. They reaffirmed their commitment to maintaining stability by taking a cautious and flexible approach, retaining the option to accelerate, pause, or reverse the planned phase-out of cuts if necessary. This flexibility also extends to the previously announced 2.2 million bpd in voluntary reductions introduced in November 2023.
The eight participating countries in OPEC+ also said the move would allow them to speed up compensation for previous overproduction. They reaffirmed their joint commitment to full compliance with the Declaration of Cooperation, including the additional voluntary output adjustments, which will continue to be overseen by the Joint Ministerial Monitoring Committee (JMMC).
The OPEC+ nations confirmed they will fully compensate for any excess production recorded since January 2024. They will hold monthly meetings to assess market conditions, compliance levels, and progress on compensation. The next meeting is scheduled for April 5, 2026.
