Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman announce increased oil production

CryptocurrencySniper · 2026-03-01T23:22:32+00:00

OPEC announced on April 1st that Saudi Arabia, Russia, and six other countries will increase daily production by 206,000 barrels, aiming to adapt to the global economy's stability and low oil inventories. These countries will adjust the pace of production increases flexibly based on market conditions.

CryptocurrencySniper

2026-03-01 23:22:32

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OPEC issued a statement on the 1st saying that 8 major oil-producing countries have decided to increase daily 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 low, 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 cut of 2.2 million barrels per day. Since then, these two major reduction measures have been extended multiple times. During this period, oil production increased in countries like the US and Canada.

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 production increases due to seasonal factors.

(Source: 21st Century Business Herald)

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