OPEC+8 agrees to increase production by 206,000 barrels per day in May

Moscow (ANTARA) - Eight OPEC+ countries implementing voluntary oil production cuts have agreed to increase their combined oil production limit by 206,000 barrels per day (bpd) in May 2026 compared to April levels, OPEC stated on Sunday (5/4). The eight OPEC+ countries are Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman. “In their collective commitment to supporting oil market stability, the eight participating countries have decided to implement a production adjustment of 206,000 barrels per day from the additional voluntary adjustment of 1.65 million barrels per day announced in April 2023,” according to the statement. “In their joint commitment to supporting oil market stability, the eight participating countries have decided to implement a production adjustment of 206,000 barrels per day from the additional voluntary adjustment of 1.65 million barrels per day announced in April 2023,” the statement continued. “This adjustment will be implemented in May 2026 as per the following details,” it said. Russia will be able to increase its oil production by 62,000 barrels per day in May from the April level, reaching 9.699 million barrels per day, OPEC said. In April, the maximum permitted production for Russia was 9.637 million barrels per day, it added. Kuwait is permitted to increase production by 26,000 barrels per day to 2.612 million barrels per day, while Oman can increase production by 5,000 barrels per day to 821,000 barrels per day, OPEC said. In April, the production limits for each were 2.596 million barrels per day and 816,000 barrels per day, according to the statement. Saudi Arabia is permitted to increase production to 10.228 million barrels per day, the UAE to 3.447 million barrels per day, and Iraq to 4.326 million barrels per day, the organisation stated. Kazakhstan can increase production by 10,000 barrels per day to 1.589 million barrels per day, while Algeria can increase production by 6,000 barrels per day to 983,000 barrels per day, according to OPEC data. The next OPEC+ meeting is scheduled for 3 May 2026, it added. OPEC is the acronym for the Organization of the Petroleum Exporting Countries. Established on 14 September 1960 in Baghdad, Iraq, the organisation aims to regulate world oil production and prices for the benefit of member states. Indonesia was a member in 1962 but withdrew in 2016.