Eight OPEC+ oil-producing countries announced further production increases

The Organization of the Petroleum Exporting Countries (OPEC) issued a statement on May 5th, announcing that its eight major oil-producing countries, known as “OPEC+”, decided to increase daily crude oil production by 206,000 barrels in May. This marks the second consecutive month that the eight countries have announced production increases.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting that day to discuss the situation and prospects of the international oil market. The statement following the meeting emphasized the importance of protecting international shipping lanes and ensuring the smooth flow of energy. The eight countries expressed concern about attacks on energy infrastructure, noting that fully restoring damaged facilities is not only costly but also time-consuming, impacting overall global supply.

The statement further stated that any actions that undermine energy supply security, whether attacks on infrastructure or disruptions to international shipping lanes, exacerbate market volatility, affecting producers, consumers, and the global economy. The oil-producing countries have proactively taken measures to ensure a stable and continuous energy supply, particularly by using alternative export routes, mitigating market volatility.

OPEC+ comprises OPEC member countries and non-OPEC oil-producing nations such as Russia. In March 2025, these eight countries decided to gradually increase crude oil production starting April 1st of the same year. Subsequently, they maintained monthly production increases until December. From January to March 2026, the eight countries announced a suspension of production increases due to seasonal factors. In March, they decided to increase daily production by 206,000 barrels in April.