On April 5, 2026 local time, the core member countries of OPEC+, consisting of the Organization of the Petroleum Exporting Countries and non OPEC oil producing countries, held a meeting. Eight countries including Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Algeria, and Oman have reached a resolution to increase their daily crude oil production by 206000 barrels starting from May 2026.

This increase in production is in line with the organization's previous roadmap, which is to gradually withdraw from the previous voluntary production reduction arrangement and restore supply to the market at a moderate pace. The meeting emphasized that, except for this production adjustment, the current production policy framework remains unchanged and no additional intervention measures have been introduced yet. Analysis suggests that, against the backdrop of global energy demand recovery, OPEC+is attempting to find a balance between supporting oil prices and meeting consumer demand, avoiding market volatility through a controllable pace of increased production.Editor/Cheng Liting