OPEC+ says eight members will raise May output by 206,000 barrels a day

OPEC said eight OPEC+ members agreed on Sunday to raise output by 206,000 barrels a day in May.

The official statement named Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman. It said the increase will unwind part of the 1.65 million barrels a day in additional voluntary adjustments announced in April 2023.

OPEC described the move as a production adjustment tied to market stability. Reuters-syndicated coverage and other outlets reported the same decision and the same eight members.

The timing matters for oil traders because the new supply increase comes after a recent pause in monthly hikes. The official statement says the adjustment is for May 2026, even though some secondary coverage referred to April.

For now, the clearest read is that OPEC+ is edging supply higher again, but only in a modest amount compared with the broader cuts still in place.