MOSCOW, March 1. /TASS/. The eight leading OPEC+ countries have agreed to increase oil production in April by 206,000 bpd (compared to March levels), OPEC said in a statement.
They noted that this measure will allow countries adhering to voluntary cuts to accelerate the compensation of previously allowed excess production.
The statement stressed that the decision to increase production was made against the backdrop of a stable global economic outlook and favorable market conditions, reflected in low oil inventories.
The agreement participants confirmed that the 1.65 million bpd may be partially or fully reintroduced, depending on changing market conditions, and gradually.
OPEC, as usual, notes that countries will continue to closely assess market conditions and reaffirmed the importance of a cautious approach in maintaining market stability. They also noted that the gradual increase in production may be suspended or reversed depending on changing market conditions.
In particular, Russia's oil production quota for April 2026 is 9.637 million bpd, Saudi Arabia's quota is 10.166 million bpd, Iraq's is 4.299 million bpd, the UAE's is 3.429 million bpd, Kuwait's is 2.596 million bpd, Kazakhstan's is 1.579 million bpd, Algeria's is 977,000 bpd, and Oman's is 816,000 bpd, excluding compensation for excess oil production.
According to TASS calculations, the OPEC+ G8 will be able to increase oil production by 166,000 bpd in April compared to March (taking into account the compensation schedule).
The next OPEC+ meeting will be held on April 5.