Major oil-producing countries announce an increase in production in April

CryptocurrencySniper · 2026-03-01T14:21:48+00:00

OPEC statement: eight major oil-producing countries have decided to increase daily production by 206,000 barrels starting from April 2025 to respond to stable economic expectations and low oil inventories. Previously, these countries had implemented multiple production cut measures to maintain market stability.

CryptocurrencySniper

2026-03-01 14:21:48

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OPEC issued a statement on the 1st saying that 8 major oil-producing countries have decided to increase daily oil production by 206,000 barrels in April.

Representatives from Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting on the same day to discuss the international oil market situation and outlook.

The statement said that, given the current global economic outlook is stable and oil inventories are at low levels, the 8 countries have decided to adjust their production. To maintain market stability, the 8 countries will flexibly adjust the pace of increased production based on market conditions.

In April 2023, these 8 countries announced a voluntary reduction of about 1.65 million barrels per day, and in November 2023, they announced an additional voluntary reduction of 2.2 million barrels per day. Since then, these two major reduction measures have been extended multiple times. During this period, oil production in the US, Canada, and other countries increased.

In March 2025, the 8 countries decided to gradually increase oil production starting from April 1 of that year. Afterward, they maintained monthly increases until December. From January to March 2026, the 8 countries announced a pause in increased production due to seasonal factors.

(Source: CCTV News)

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