Vienna, April 5 -- The Organisation of the Petroleum Exporting Countries (OPEC) have decided to implement a production adjustment of 206,000 barrels per day. This adjustment will be implemented in May 2026.

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on April 5 to review global market conditions and outlook, according to a statement.

"In their collective commitment to support oil market stability, the eight participating countries decided to implement a production adjustment of 206 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments...