In a virtual meeting held on March 1, energy ministers from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman approved a combined production increase of 206,000 barrels per day (bpd) for April 2026. The move marks the first phase of a potential return of the 1.65 million bpd in additional voluntary cuts first announced in April 2023.

According to an official statement released after the meeting, the eight countries concluded that "current healthy market fundamentals” — including relatively low global oil inventories — justified a cautious supply adjustment. The ministers emphasized that the broader 1.65 million bpd reduction could be restored "in part or in full,” depending on evolving market conditions.

The group also reaffirmed its commitment to flexibility, noting it retains the option to pause or reverse the phased unwinding, including adjustments linked to the separate 2.2 million bpd voluntary cuts announced in November 2023. Compliance will continue to be reviewed by the Joint Ministerial Monitoring Committee (JMMC), which oversees adherence to the Declaration of Cooperation framework.

Energy analysts say the measured 206,000 bpd increase signals an effort to balance revenue objectives with price stability. "This is a calibrated step designed to prevent overheating while maintaining discipline,” said one Gulf-based oil market economist, noting that inventories in key consuming regions have trended below five-year averages in recent months.

The eight producers also reiterated plans to compensate fully for any overproduction since January 2024, reinforcing a renewed push for conformity amid past compliance challenges among some members.

The countries will reconvene on April 5 to reassess market conditions, conformity levels and compensation progress.