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Eight OPEC+ countries who had previously announced extra voluntary cuts in April and November 2023, met online on April 5 to review global market conditions.
The Organization of the Petroleum Exporting Countries (OPEC) has decided to adjust oil production by 206,000 barrels per day, starting in May 2026.
The Organization of the Petroleum Exporting Countries (OPEC) has decided to adjust oil production by 206,000 barrels per day, starting in May 2026. Eight OPEC+ countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — who had previously announced extra voluntary cuts in April and November 2023, met online on April 5 to review global market conditions.
They agreed to make this new adjustment as part of their ongoing commitment to stabilize the oil market. The countries will keep monitoring market conditions to support stability. They also expressed concern about attacks on energy infrastructure, saying that repairing damaged facilities is expensive and takes a long time, which affects supply.
The group stressed that any actions that threaten energy supply security, like attacks on infrastructure or disruptions to international shipping routes, make the market more unstable and weaken their joint efforts to keep things steady for producers, consumers, and the global economy.
Crude oil prices have reached a four-year high, close to $120 a barrel, leading to higher fuel costs, according to Al Jazeera. This statement comes as tensions rise over maritime security in West Asia, where energy trade has been severely disrupted due to the near-blockage of the Strait of Hormuz, a key route for global energy shipments.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – YEARS)
April 06, 2026, 09:02 IST
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