Saturday, May 2, 2026 3:38 pm –
Jerusalem time
Seven member countries of the OPEC+ alliance reached a preliminary agreement to raise oil production targets by about 188 thousand barrels per day, and implementation of this increase is scheduled to begin during the month of next June. This move comes as part of the alliance’s ongoing strategy to maintain market balance, despite the major changes that have occurred in the organization’s structure recently.
Informed sources reported that this decision precedes the official meeting of the coalition scheduled to be held tomorrow, Sunday, via video communication technology, as members seek to confirm the stability of production policy. This increase is close to the levels approved last month, taking into account the absence of the share of the United Arab Emirates, which announced its sudden withdrawal from the organization and the coalition.
In its recent deliberations, the Alliance stressed the need to adhere to a cautious and highly flexible approach, allowing member states to respond quickly to market fluctuations, whether increasing or decreasing. This includes the ability to review the previous voluntary adjustments of 2.2 million barrels per day, which were approved at the end of 2023 to control global supply.
The Alliance reiterates the importance of adopting a cautious approach and maintaining full flexibility to increase, stop or reverse the gradual resumption of production adjustments.
At the field level, observers believe that this increase has a symbolic nature in light of the current circumstances, as energy supplies are suffering from severe disturbances as a result of the cessation of navigation in the Strait of Hormuz. The ongoing war against Iran is causing wide-ranging repercussions on the ability of member states to deliver their shipments, which exceeds the production goals agreed upon within the group.
In a related context, the World Bank warned of an expected jump in the cost of living, expecting energy prices to rise by 24% and basic commodity prices by 16% during the year 2026. These expectations are linked to the extent of the continuation of the current oil shock, with the assumption that military operations may end by the end of this month of May, which may change the course of global markets.
