Saudi Arabia, Russia, Iraq, the United Emirates, Kuwait, Kazakhstan, Algeria, and Oman have announced that they will gradually resume voluntary production cuts and increase production by 206,000 barrels per day from April 2026, based on healthy market fundamentals and declining oil reserves.
The eight countries, which held a virtual meeting on March 1, 2026, explained that they would begin to eliminate the voluntary reduction of 1.65 million barrels per day announced in April 2023, subject to a phased return to volumes depending on market developments, while retaining full flexibility to slow, halt or reverse increases as circumstances require.
Saudi Arabia and Russia increased their production by 62,000 barrels per day, Iraq by 26,000 barrels, UAE by 18,000 barrels, Kuwait by 16,000 barrels, Kazakhstan by 10,000 barrels, Algeria by 6,000 barrels, and Oman by 5,000 barrels.
Countries also confirmed their full commitment to the Cooperation Declaration Agreement, including compensation for excess production from January 2024 onwards, and indicated that the Joint Ministerial Monitoring Committee (JMMC) would follow up on compliance and compensation.
The next meeting is scheduled to be held on April 5, 2026, to consider market conditions and quota compliance. The required production schedule for April 2026 is as follows.
* Increase daily production:
– 62,000 barrels to Saudi Arabia and Russia
– 26,000 barrels to Iraq
– 18,000 barrels for Emirates Airlines
– 16,000 barrels to Kuwait
