8 Countries in OPEC+ Decide to Begin Gradually Restoring 1.65 Million Barrels
The eight member countries of the OPEC+ group—namely the Kingdom of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—which had previously announced additional voluntary adjustments in April and November 2023, held a virtual meeting on March 1, 2026, to review developments in the oil market and its future outlook.
In light of the stable global economic outlook and current positive market fundamentals, as reflected by declining oil inventories, the eight countries decided to resume the gradual restoration of the additional voluntary adjustments amounting to 1.65 million barrels per day that were announced in April 2023. They agreed on a production adjustment of 206,000 barrels per day to be implemented in April 2026, in accordance with the schedule approved by the alliance.
The participating countries clarified that the 1.65 million barrels per day in cuts may be restored partially or fully, and gradually, depending on market conditions.
The eight countries affirmed that they will continue to closely monitor and assess market conditions. As part of their ongoing efforts to support market stability, they stressed the importance of adopting a cautious approach and maintaining full flexibility to increase, pause, or reverse the gradual restoration of voluntary production adjustments, including reversing the previous voluntary adjustments of 2.2 million barrels per day announced in November 2023.
OPEC+ group
The member countries of OPEC+ noted that this measure will provide an opportunity for participating countries to accelerate the compensation process, reaffirming their commitment to the Declaration of Cooperation, including the additional voluntary adjustments whose compliance will be monitored by the Joint Ministerial Monitoring Committee.
The countries also confirmed their determination to fully compensate for excess production since January 2024, stating that they will hold monthly meetings to monitor market developments, compliance levels, and the implementation of compensation plans. The next meeting is scheduled for April 5, 2026.
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