OPEC+ members agreed to increase oil production by 206,000 barrels per day

Eight OPEC+ (Organization of Petroleum Exporting Countries) countries have agreed to adjust oil production by 206,000 barrels per day from April 2026. This was announced on March 1 by the press service of the association on its website.

The meeting was attended by Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria and Oman. They noted the stable outlook for the global economy and healthy market performance, including low oil reserves.

"The eight participating countries decided to resume the cancellation of additional voluntary adjustments in the amount of 1.65 million barrels per day, announced in April 2023, and agreed to adjust production by 206 thousand barrels per day. This adjustment will be implemented in April 2026," the release says.

It is noted that this amount can be partially or completely refunded, depending on market conditions. Thus, Russia's quota for oil production in April 2026 will amount to 9.6 million barrels per day, Saudi Arabia — 10.1 million, Iraq — 4.3 million, the United Arab Emirates — 3.4 million, Kuwait — 2.6 million, Kazakhstan — 1.6 million, Algeria — 977 thousand, Oman — 816 thousand excluding compensation for overproduction.

The countries reaffirmed the importance of a cautious approach and remaining flexible to increase, suspend or cancel adjustments, including previously implemented reductions of 2.2 million barrels announced in November 2023.

The participants intend to fully compensate for any volume produced in excess of quotas from January 2024. The eight countries will hold monthly meetings to monitor the situation. The next meeting is scheduled for April 5th.

The barrel front: how the Middle East crisis has affected the energy sector

Iran threatens US energy facilities, Israel stops operation of its gas fields

The Reuters news agency reported on the same day that the US and Israeli strikes on Iran had plunged the oil market into the largest crisis in recent decades, and if the conflict did not stop, oil prices would rise sharply on March 2. It was noted that the scale of disruptions in the supply of oil and rising prices will depend on the duration of the conflict in Iran.

The day before, the Strait of Hormuz in southern Iran, which is used for the passage of oil tankers, was completely closed by the Islamic Revolutionary Guard Corps (IRGC). Some major oil companies and leading trading houses have suspended the supply of crude oil and fuel through the Strait of Hormuz amid Israeli and US strikes on Iran. The next day, the IRGC announced that the strait remained open to ships.

On February 28, the United States announced the start of a large-scale military operation with Israel against Iran. The Israeli and American military attacked the republic, including a school in the city of Minab. According to Iran's permanent representative to the United Nations, Amir Saeed Iravani, more than 100 children were killed as a result of an attack by Israel and the United States on an educational institution.

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