Middle East tensions: Eight OPEC+ nations to raise output, retain flexibility amid market shifts

Eight key OPEC+ producers — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — have agreed to begin easing their voluntary production curbs from April 2026, citing steady global economic conditions and healthy oil market fundamentals.  

Meeting virtually on March 1, the group reviewed global market conditions and outlook, pointing to low oil inventories as a sign of resilience. In that backdrop, the eight countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023, agreeing on a production increase of 206,000 barrels per day from April 2026.  

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The rollback will be gradual and remains conditional. The 1.65 million barrels per day may be returned in part or in full depending on evolving market conditions. Stressing flexibility, the producers reaffirmed their readiness to increase, pause or reverse the phase-out if needed, including reversing the previously implemented voluntary adjustments of 2.2 million barrels per day announced in November 2023.  

The move, they noted, also creates room for participating countries to accelerate compensation for past overproduction. The eight nations reiterated their commitment to full conformity with the Declaration of Cooperation, including adherence to additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).  

They confirmed their intention to fully compensate for any overproduced volumes since January 2024 and said they will hold monthly meetings to assess market conditions, conformity and compensation efforts. The next meeting is scheduled for 5 April 2026.