ASTANA – Eight members of OPEC+ agreed to implement a production adjustment of 206,000 barrels per day in May, in addition to the 1.65 million barrels per day of voluntary cuts announced in April 2023, reaffirming the importance of a cautious approach and retaining full flexibility.
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Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the UAE met virtually on April 5 to review market conditions and outlook. In their collective commitment to support oil market stability, the countries decided to implement the adjustment as part of the additional voluntary cuts announced in April 2023, according to the OPEC press service.
They emphasized that these voluntary adjustments may be gradually reversed, in part or in full, depending on market developments. The group reiterated its readiness to increase, pause, or reverse production changes, including those linked to the 2.2 million barrels per day cuts announced in November 2023.
They highlighted the need to safeguard international maritime routes and expressed concern about attacks on energy infrastructure, warning that such disruptions could heighten volatility and disrupt supply. The group noted that alternative export routes have helped maintain supply and reduce market instability.
The next meeting is scheduled for May 3.
