Overview

• Saudi Arabia and Russia will add 41,000 barrels per day each, with increases also allocated to Iraq (18,000), the UAE (12,000), Kuwait (10,000), Kazakhstan (7,000), and Algeria and Oman (4,000 each).
• The alliance said it could reinstate the broader 1.65 million barrels per day restoration depending on market conditions, with oversight by the Joint Ministerial Monitoring Committee.
• Officials rejected reports of a possible 500,000 barrels per day increase as inaccurate and misleading.
• Oil traded near a four-month low late last week as the International Energy Agency projected rapid inventory builds this quarter and a potential record surplus in 2026.
• The decision comes ahead of Saudi Crown Prince Mohammed bin Salman's planned trip to Washington next month to meet President Donald Trump.