2 minutes of readingUpdated: Mar 1, 2026 07:45 pm IST
OPEC+ countries announced on Sunday that they had adjusted crude oil production and reaffirmed their “commitment to market stability” after US and Israeli attacks on Iran led to the death of Supreme Leader Ayatollah Ali Khamenei and pushed the Middle East into a highly volatile conflict with multiple reported casualties.
OPEC+ includes Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
Full statement:
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, met virtually on March 1, 2026 to review global market conditions and outlook.
In view of a stable global economic outlook and current healthy market fundamentals, as reflected by low oil inventories, the eight participating countries decided to resume the removal of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed to a production adjustment of 206 thousand barrels per day. This adjustment will be implemented in April 2026 as detailed in the table below. The 1.65 million barrels per day may be returned partially or completely subject to the evolution of market conditions and gradually. Countries will continue to closely monitor and evaluate market conditions, and in their continued efforts to support market stability, reaffirmed the importance of taking a cautious approach and maintaining full flexibility to increase, pause or reverse the phasing out of voluntary production adjustments, including the reversal of previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.
The eight OPEC+ countries also noted that this measure will provide an opportunity for participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also confirmed their intention to fully offset any overproduced volume from January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, compliance and compensation. The eight countries will meet on April 5, 2026.
