Major oil-producing countries announce April increase, with a daily increase of 206,000 barrels

CryptocurrencySniper · 2026-03-01T23:13:48+00:00

OPEC has decided to increase daily production by 206,000 barrels in April, reached through an online meeting with representatives from 8 countries including Saudi Arabia and Russia. This adjustment is due to the steady global economy and low oil inventories, and future responses will be flexible to market changes.

CryptocurrencySniper

2026-03-01 23:13:48

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Xinhua News Agency Vienna, March 1 — The Organization of the Petroleum Exporting Countries (OPEC) issued a statement saying that eight major oil-producing countries have decided to increase their daily oil production by 206,000 barrels in April.

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

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

In April 2023, these eight 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 increased in countries such as the United States and Canada.

In March 2025, the eight 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 eight countries announced a pause in production increases due to seasonal factors.

(Source: Xinhua News Agency)

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