OPEC+ agrees 206,000 bpd output adjustment starting May

Output increase from May 2026

Following a virtual meeting to assess market conditions, the countries agreed to adjust production by 206,000 barrels per day starting in May 2026. This move falls within the framework of the 1.65 million bpd voluntary adjustments introduced in April 2023.

Flexible approach to market conditions

The group emphasized that the 1.65 million bpd adjustments could be gradually reversed, partially or fully, depending on market developments. They also highlighted the option to pause or reverse the phase-out of additional voluntary cuts of 2.2 million bpd announced in November 2023.

Commitment to compliance and compensation

The participating countries reaffirmed their commitment to full compliance with the Declaration of Cooperation and pledged to compensate for any excess production since January 2024. They noted that the current adjustment supports efforts to address overproduction and maintain balance.

Concerns over energy security

OPEC+ members stressed the importance of protecting international maritime routes to ensure uninterrupted energy supplies. They also expressed concern over attacks on energy infrastructure, warning that such incidents increase market volatility and disrupt supply.

Continued monitoring and coordination

The countries confirmed they will continue holding monthly meetings to review market conditions, compliance, and compensation efforts, with the next meeting scheduled for 3 May 2026.