COMPETITIVE · MARKET STRUCTURE · GLOBAL
OPEC+ voluntary production adjustments: eight countries agree new adjustment tied to April 2026 implementation
Change
On 1 March 2026, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman agreed to a production adjustment of 206 thousand barrels per day to be implemented in April 2026 as part of unwinding the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.
Why Now
The excerpt states these countries had previously announced additional voluntary adjustments in April and November 2023. They met virtually on 1 March 2026 to review global market conditions and the unwinding of 1.65 million barrels per day of additional voluntary adjustments announced in April 2023. They agreed on a production adjustment of 206 thousand barrels per day. The adjustment is stated to be implemented in April 2026. The excerpt also states they have flexibility to increase, pause, or reverse the phase-out of the voluntary production adjustments, including reversing previously implemented voluntary adjustments.
Impact
- • A 206 thousand barrels per day production adjustment is scheduled for implementation in April 2026 under the voluntary adjustment framework.
- • The eight participants explicitly retained the ability to increase, pause, or reverse the phase-out of voluntary adjustments.
Who Recalculates
- • Oil producers participating in the voluntary adjustment group
- • Crude oil market participants (traders, refiners)
Source
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