Major oil-producing countries announce continued production increase in May

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Source: Economic Information Daily

The Organization of the Petroleum Exporting Countries (OPEC) issued a statement on the 5th saying that eight major OPEC+ oil-producing countries have decided to increase daily crude oil production by 206k barrels in May. As a result, these eight countries have announced production increases for two consecutive months.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting on the same day to discuss the international oil market situation and outlook. The statement after the meeting emphasized the importance of protecting international maritime routes and ensuring smooth energy flow. The eight countries expressed concern over attacks on energy infrastructure, noting that fully restoring damaged energy facilities is costly and time-consuming, affecting global supply overall.

The statement also said that any actions that undermine energy supply security—whether attacking infrastructure or disrupting international maritime routes—will intensify market volatility and impact producers, consumers, and the global economy. The relevant oil-producing countries have taken proactive measures to ensure stable energy supply, especially by using alternative export routes to mitigate market fluctuations.

“OPEC+” consists of OPEC member countries and non-OPEC oil producers such as Russia. In March 2025, these eight countries decided to gradually increase crude oil output starting April 1 of that year. Since then, the eight countries maintained monthly increases until December. From January to March 2026, they announced a pause in production increases due to seasonal factors. In March, the eight countries decided to increase daily crude oil production by 206k barrels in April.