Oman output set at 821,000 bpd under Opec+ plan

MUSCAT, APRIL 6
Oman’s crude oil production is set to reach 821,000 barrels per day (bpd) in May 2026 following a fresh Opec+ adjustment aimed at reinforcing market stability amid evolving global supply dynamics.
The Sultanate of Oman, alongside seven other key producers — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan and Algeria — agreed on a virtual meeting on April 5, to implement a combined production increase of 206,000 bpd beginning May 2026. The adjustment forms part of the wider 1.65 million bpd voluntary cuts first introduced in April 2023.
Under the latest allocation, Oman will raise output by 5,000 bpd, bringing its required production level to 821,000 bpd. This modest increase reflects the country’s measured approach within the Opec+ framework, balancing revenue optimisation with collective efforts to stabilise oil markets.
Saudi Arabia and Russia account for the largest increments, each adding 62,000 bpd, with Saudi output set at 10.228 million bpd and Russia at 9.699 million bpd. Iraq will increase production by 26,000 bpd to 4.326 million bpd, while the UAE will raise output by 18,000 bpd to 3.447 million bpd. Kuwait’s allocation rises by 16,000 bpd to 2.612 million bpd, Kazakhstan by 10,000 bpd to 1.589 million bpd and Algeria by 6,000 bpd to 983,000 bpd.
The incremental adjustment signals a calibrated easing of earlier cuts, as Opec+ seeks to fine-tune supply without triggering market volatility. The group emphasised that the broader 1.65 million bpd voluntary reduction may be reversed gradually — either partially or fully — depending on market conditions.
For Oman, the revised production level underscores its continued alignment with the Declaration of Cooperation (DoC), reinforcing its position as a disciplined and reliable participant in the alliance. Oil revenues remain central to the country’s fiscal framework, making price stability a key economic priority even as diversification efforts under Oman Vision 2040 gather pace.
The participating countries also reiterated their commitment to full compliance with production targets, including compensating for any overproduction since January 2024. This mechanism is expected to strengthen adherence and enhance the credibility of the Opec+ framework.
In addition, the group highlighted rising concerns over energy security, particularly the risks to international maritime routes and critical infrastructure. Disruptions to supply chains, whether through attacks on facilities or shipping lanes, were flagged as key factors that could heighten market volatility.
Oman’s strategic location along major global shipping corridors amplifies the importance of these concerns. Ensuring uninterrupted energy flows aligns with the Sultanate of Oman’s broader role as a logistics and energy hub in the region.
The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee compliance and market developments, with monthly meetings scheduled to assess conditions. The next review is set for May 3, 2026.