Eight members of the OPEC+ group agreed to raise oil production by 206,000 barrels per day (bpd) in April, following a pause in output increases between January and March 2026 due to seasonal factors, according to an OPEC statement on Sunday.
The group, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman, met virtually to review global oil market conditions and the outlook.
The output increase represents a partial and gradual return of the 1.65 million bpd voluntary cuts announced in April 2023, supported by a "stable global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories."
The statement noted that the voluntary cuts could be returned partially or in full, depending on market conditions. The group also reaffirmed its commitment to closely monitor the market and maintain flexibility to increase, pause or reverse production adjustments, including the 2.2 million bpd voluntary cuts announced in November 2023.
The next meeting of the eight-member OPEC+ group is scheduled for April 5.
- OPEC+ production cuts
Production cuts by OPEC+ had reached 5.85 million bpd of March 2025, accounting for about 5.7% of global oil demand. The cuts included 2 million bpd announced in October 2022, 1.65 million bpd in voluntary cuts declared in April 2023, and an additional 2.2 million bpd announced in November 2023.
The group gradually recovered 2.2 million bpd of these cuts between April and September last year. From October 2025, it began gradually phasing out the 1.65 million bpd voluntary cuts. The group last increased output in December 2025, while production hikes were paused between January and March this year due to seasonal factors.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr