Iraq: OPEC+ Agrees to Increase Oil Production
Members of the OPEC+ alliance have agreed to increase oil production beginning in April 2026 after reviewing the current conditions in the global energy market. The decision was made during a virtual meeting involving eight key oil-producing countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
The group agreed to raise total output by 206,000 barrels per day, marking the first step in gradually reversing earlier voluntary production cuts that were introduced to stabilize global oil prices.
These earlier cuts—about 1.65 million barrels per day—were originally implemented in 2023 to help prevent oversupply in the market and support oil prices during periods of economic uncertainty. The new increase signals that producers believe market conditions are strong enough to allow a small return of supply.
According to OPEC+, the decision was based on stable global economic conditions and relatively low oil inventories, which suggest that demand remains healthy.
Even though production will increase, the alliance emphasized that it will continue to monitor the market closely. If conditions change, the group retains the flexibility to slow down, pause, or even reverse the production increases.
OPEC+ officials also confirmed that countries that have produced more oil than their agreed quotas in the past will be expected to compensate for the excess production in the future to maintain balance in the market.
The alliance plans to hold monthly meetings to review market conditions and ensure member countries are complying with the agreed production levels. The next meeting is scheduled for early April 2026.
Overall, the production increase is modest and reflects OPEC+’s cautious approach. The group aims to gradually restore supply while maintaining enough flexibility to respond quickly if global oil demand or geopolitical conditions change.
