Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting on 5 April 2026 to review global oil market conditions and reaffirm their commitment to market stability.

Axar.az report, citing OPEC, the eight countries agreed to implement a production adjustment of 206,000 barrels per day, part of the 1.65 million bpd voluntary adjustment announced in April 2023, to take effect in May 2026.

They emphasized flexibility to increase, pause, or reverse adjustments based on evolving market conditions.

The group also highlighted the importance of safeguarding international maritime routes and protecting energy infrastructure, warning that attacks or disruptions could increase market volatility.

Monthly meetings will continue to monitor market conditions, compliance, and compensation, with the next meeting scheduled for 3 May 2026.