Vienna, April 05 (QNA) - The eight member countries of the OPEC+ group, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, approved an adjustment in production levels, increasing output by 206,000 barrels per day (bpd) from the total voluntary additional adjustments of 1.65 million bpd announced in April 2023. This adjustment is scheduled to take effect in May 2026.

Following a virtual meeting on Sunday, the eight countries stated that this measure is part of their commitment to supporting oil market stability. They noted that the 1.65 million bpd reduction could be partially or fully restored gradually, depending on market conditions, and emphasized that participating countries will continue to closely monitor and assess the market situation.

They reaffirmed the need of a cautious approach while maintaining full flexibility, allowing for increases, suspensions, or reversals of gradual reinstatement of voluntary production adjustments, including reversing the previous voluntary adjustments of 2.2 million bpd announced in November 2023.

The OPEC+ members highlighted that this measure provides participating countries with an opportunity to accelerate compensation efforts, reiterating their commitment under Declaration of Cooperation, including additional voluntary adjustments whose compliance will be monitored by the Joint Ministerial Monitoring Committee. They confirmed their intent to fully compensate for excess production since January 2024.

The countries also expressed concern about attacks targeting energy infrastructure, noting that restoring damaged energy facilities to full operational capacity is costly and time-consuming, affecting overall supply availability.

They stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken collective efforts under Declaration of Cooperation, which aims to stabilize markets for the benefit of producers, consumers, and the global economy. (QNA)