冀公网安备13042902001117号

Welcome To Know Our Products,We Can Offer You High Quality Products!

YUETONG FASTENERS

Ensure product performance from raw materials, processing to final delivery.

Major oil-producing countries announce increase in production in April


Published:

2026-03-02

Major oil-producing countries announce increase in production in April

The Organization of the Petroleum Exporting Countries (OPEC) issued a statement on the 1st, saying that the eight major oil-producing countries have decided to increase their daily output 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 day to discuss the current situation and prospects of the international oil market. 
The statement said that given the current stable global economic outlook and the low levels of oil inventories, the eight countries have decided to adjust their production levels. To maintain the stability of the oil market, the eight countries will flexibly adjust the pace of production increase according to market conditions. 
In April 2023, the above-mentioned 8 countries announced a voluntary reduction of approximately 1.65 million barrels of crude oil per day. In November 2023, they again announced an additional voluntary reduction of 2.2 million barrels of crude oil per day. Subsequently, these two reduction measures were repeatedly postponed. However, during this period, the crude oil production in countries such as the United States and Canada increased. 
In March 2025, the eight countries decided to gradually increase their crude oil production starting from April 1 of the same year. Subsequently, they maintained the increase every month until December. From January to March 2026, the eight countries announced a suspension of the production increase due to seasonal factors.