OPEC+ hikes oil output modestly
Eight members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have collectively agreed to increase oil output by 206,000 b/d in April.
IMAGE: OPEC's logo. Getty Images
Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have decided to “resume the unwinding of the 1.65 million barrels per day [1.65 million b/d] of additional voluntary adjustments announced in April 2023,” it said in a statement.
In November 2025, the eight members decided to pause production hikes in the first quarter of this year, citing steady market conditions.
The decision to raise production could exert downward pressure on Brent crude’s price by adding to concerns over a potential supply glut that is already weighing on the oil market, analysts said.
“The [OPEC+] group agreed on a larger-than-expected supply increase of 206k b/d [206,000 b/d] for April at its meeting on 1 March, more than the 137k b/d [137,000 b/d] expected,” ING Bank’s head of commodities strategy Warren Patterson said.
The Saudi Arabia-led group has reiterated that the 1.65 million b/d “may be returned in part or in full subject to evolving market conditions and in a gradual manner.”
The decision to raise oil supply comes amid the ongoing US-Israel confrontation with Iran and Tehran’s subsequent retaliation, which have disrupted shipping through the critical Strait of Hormuz – a key route for global oil flows.
“A key issue is that the bulk of OPEC spare capacity sits in the Persian Gulf,” Patterson said. “Therefore, if there are blockades in the Strait of Hormuz, this additional supply will be of less help to the market,” he further added.
The group’s two leading producers, Saudi Arabia and Russia, are set to ramp up production by an additional 62,000 b/d each, to produce about 10.2 million b/d and 9.6 million b/d of crude oil in April, respectively.
Iraq is expected to produce about 4.3 million b/d next month, and the UAE will pump about 3.4 million b/d during the same time.
The eight OPEC+ members will next meet on 5 April 2026 to “review market conditions, conformity, and compensation.”
By Aparupa Mazumder
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