OPEC+ countries agreed to increase oil production in May.

      The leading countries of OPEC+ raised the oil production limit in May by approximately 206,000 barrels per day. This was reported by the Deputy Prime Minister of the Russian Federation, Alexander Novak, as TASS informs. Russia, Algeria, Iraq, Kazakhstan, Kuwait, the UAE, Oman, and Saudi Arabia agreed to increase oil production quotas. According to Novak, the global oil market is unbalanced, and there is a shortage of oil products. "A serious crisis and significant volatility in energy markets have been noted, highlighting the leading role of OPEC+ in ensuring stability and reducing volatility," he said. "Today, a decision was made to increase quotas... by the eight countries that took on voluntary commitments to cut back in April 2023," Novak said in an interview with the news agency "Vesti." Novak noted that the decision to increase quotas by 206,000 barrels per day by the eight OPEC+ countries will allow for additional measures to fill the market. "It will also allow countries participating in compensation to increase the speed of compensating for the volumes that were exceeded in terms of production," he added. Earlier, Bloomberg reported that the main problem with the decision to raise the oil production limit remains the fact that oil supplies have been significantly reduced due to the closure of the Strait of Hormuz. Thus, physically increasing export volumes, without which production growth makes no sense, is something OPEC+ countries cannot achieve in the current situation, the media believes.

      In September 2025, the OPEC+ "eight" completed an early exit from the existing voluntary restrictions on 2.2 million barrels per day. In October, members of the organization began to refuse additional cuts of another 1.65 million barrels. In the first quarter of 2026, OPEC+ suspended the exit from restrictions but resumed the process in April.

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      More news about the event:

      OPEC+ countries will increase the oil production limit by 206,000 barrels per day starting in May. Eight OPEC+ countries with voluntary restrictions have decided to increase the oil production limit, reports "Kommersant" citing Russian Deputy Prime Minister Alexander Novak. 21:57 05.04.2026 IA Tatar-inform - Kazan

      OPEC+ countries agreed to increase oil production in May. Leading OPEC+ countries raised the oil production limit in May by approximately 206,000. 18:06 05.04.2026 Business Online - Kazan

      News from neighboring regions on the topic:

      OPEC+ countries agreed to increase oil production quotas in May by 206,000 barrels per day. Eight OPEC+ countries agreed to increase oil production quotas in May by 206,000. 19:57 05.04.2026 Sama-Samara.Ru - Samara

      Novak noted that there is a high difference between oil and oil product prices in the market. The oil market is currently unbalanced, with a high difference between oil and oil product prices, and there is a high shortage in the oil product market, which affects other related industries. 19:57 05.04.2026 Sama-Samara.Ru - Samara

      Russia's oil production quota within OPEC+ will increase by 62,000 barrels per day in May to 9.7 million barrels per day. The allowed level of oil production for Russia within OPEC+ will increase by 62,000 in May. 19:57 05.04.2026 Sama-Samara.Ru - Samara

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