April 06, New Delhi: The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) have agreed to implement a production adjustment of 206,000 barrels per day.
The eight OPEC+ members, who had announced voluntary additional cuts in April, met virtually on Sunday to review global market conditions and outlook.
The adjustment will be applied to the 1.65 million barrels per day of additional voluntary cuts first introduced in April 2023, and is scheduled to take effect in May 2026.
OPEC+ emphasized that it will continue to closely monitor market conditions to support stability. The group also expressed concern over attacks on energy infrastructure, noting that restoring damaged assets is costly and time-consuming, impacting overall supply availability.
