A statement posted on OPEC’s website on Sunday revealed that Saudi Arabia, Russia, Iraq, the UAE (United Arab Emirates), Kuwait, Kazakhstan, Algeria, and Oman have decided to boost production by more than 200,000 barrels per day next month.
Crude oil production by OPEC members dropped by 7.2 million barrels daily last month, according to a Reuters survey using data from platform LSEG and analytics information providers, including Kpler, the publication reported.
Oil wavered as traders balanced expectations of modest OPEC production hikes in April and bearish US government data against increasing pressure on Iran over its nuclear program.
OPEC+ is likely to consider increasing oil output by 137,000 barrels per day (bpd) for April 2026, ending a three-month pause in hikes as they prepare for peak summer demand and navigate market share strategies
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Oil prices steadied on Wednesday after a sharp 4% slide the day before, with Brent trading near $63.08 and WTI around $58.80 at 11:01 a.m. ET, as traders reassessed the latest OPEC shift toward a more balanced 2026 market outlook. The passage of the U.S. funding deal that ended the government shutdown removed one macro problem, but crude remained focused on supply signals rather than broader risk sentiment.
West Texas Intermediate gained about 0.1% to settle near $62 a barrel, narrowly extending a winning streak to a third day. OPEC and its allies including Russia decided over the weekend on a 137,000-bpd hike, while Saudi Arabia kept the price of its main grade to Asia steady in a sign of caution, surprising traders who had expected a bump.
Russia, which has previously pushed for restraint in supply boosts, favored an adjustment that would help to defend prices while Saudi Arabia — more mindful of market share — supported a larger addition, a delegate said prior to Sunday’s gathering.
Saudi Arabia is pushing OPEC+ to fast-track the group’s next oil production increase, moving up a supply hike originally scheduled for late 2026. OPEC+ has injected a lot of downside pricing risk into the oil markets this week, fuelling speculation that the second wave of voluntary cuts totalling 1.65 million b/d could be unwound much […]
OPEC+ leader Saudi Arabia wants the group to consider reviving more oil production ahead of its scheduled return at the end of next year amid a push to reclaim market share, people familiar with the matter said.