The UAE has confirmed its commitment to ensuring stability in the oil market by adhering to additional voluntary production adjustments aimed at balancing supply and demand. This announcement comes as Opec+ has decided to implement a planned increase in oil output starting in April 2025.

On Monday, Opec+ member countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually to assess global market conditions and future projections. They agreed on a plan to gradually increase the UAE’s oil production by 300 000 barrels per day, which will raise the country’s total output to 3.4 million barrels per day by September 2026.

The group emphasized their collective commitment to fully comply with the adjustments previously agreed upon during a meeting on April 3, 2024. They noted that this gradual increase could be paused or reversed based on evolving market conditions, allowing them to support ongoing oil market stability. Additionally, the countries reiterated their intention to compensate for any overproduced volumes since January 2024, with plans to ensure all compensations are finalized by June 2026.

Furthermore, Opec+ members reaffirmed their decision from December 5, 2024, to implement a gradual and flexible return of 2.2 million barrels per day in voluntary adjustments starting April 1. Countries experiencing excess production have been instructed to submit their compensation plans ahead of time, with updated schedules required to be sent to the Opec Secretariat by March 17.