Manama: The eight OPEC+ countries held a virtual meeting to review developments in the oil market and its future outlook, with the participation of the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the Russian Federation, the Republic of Iraq, the United Arab Emirates, the State of Kuwait, the Republic of Kazakhstan, People's Democratic Republic of Algeria, and the Sultanate of Oman.
According to Bahrain News Agency, in their commitment to support market stability, the eight countries decided to implement a production adjustment of 206 thousand barrels per day from the total voluntary adjustments of 1.65 million barrels per day, to be implemented in May 2026. The countries emphasized that the reduced volumes may be gradually restored according to market developments, retaining flexibility to increase or pause production.
The group expressed concern regarding attacks targeting energy infrastructure, noting that restoring damaged facilities to full operational capacity is costly and time-consuming, which affects global supplies.
The member countries affirmed that targeting infrastructure or disrupting international maritime routes increases market volatility. This undermines efforts to stabilize markets for the benefit of producers, consumers, and the global economy.
The meeting commended the countries participating in the Declaration of Cooperation that took measures to ensure the continuity of supplies via alternative export routes. The group emphasized the determination to fully compensate for any overproduced volume since January 2024. It was noted that the group will hold monthly meetings to follow developments, with the next meeting scheduled for May 3.