The OPEC and its allies have agreed to adjust oil production by 2,06,000 barrels per day from May 2026, as part of efforts to maintain market balance amid supply disruptions and geopolitical tensions. The decision was taken at an online meeting on April 5 involving eight OPEC+ countries — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — which had earlier implemented additional voluntary production cuts in 2023.
The group said the adjustment forms part of its ongoing commitment to stabilise the oil market and added that it will continue to monitor global demand-supply conditions. In its statement, the alliance also flagged concerns over attacks on energy infrastructure and disruptions to key shipping routes, warning that such developments could increase volatility and pose risks to supply security.
The move comes against the backdrop of rising crude prices, which have climbed to near $120 a barrel, according to reports, amid heightened tensions in West Asia and disruptions along critical trade routes such as the Strait of Hormuz. The group said sustained disruptions to infrastructure and shipping could undermine efforts to stabilise markets and impact both producers and consumers globally.
