Eight key members of the Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to start a gradual increase in oil production beginning in April 2026. The decision, which was reached in a virtual meeting, aims to respond to evolving global supply and demand conditions.
Under the plan, the group said it would unwind part of the 1.65 million barrels per day of additional voluntary production cuts first announced in April 2023. The agreed increase of 206,000 barrels per day for April represents the first step in the gradual return of output.
The participating countries cited a steady global economic outlook and what they described as healthy market fundamentals in making their decision. The gradual approach reflects continued caution among major producers as they seek to balance market stability with supply needs.
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OPEC+ members said they will continue to monitor market conditions closely and make further adjustments as needed. The group’s decisions will have implications for global energy markets and crude oil pricing in the months ahead.
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