OPEC+ is considering postponing the planned increase in oil production again, representatives of the oil cartel have told Bloomberg news agency.
It would be the fourth time the alliance led by Saudi Arabia and Russia has postponed plans to increase oil production again.
OPEC+ first revealed plans to gradually increase production in June of last year. However, due to the declining demand for oil in China and the larger new supplies in the United States, the oil cartel was repeatedly forced to postpone the plans.
For example, the oil countries were supposed to increase daily production gradually in early January, but that was postponed by three months until the end of March. From April to September 2026, they would gradually pump more oil again, lifting an earlier production restriction of 2.2 million barrels per day.
The oil cartel postponed the production increase because oil prices were under pressure. With the lower supply, the cartel wants to support oil prices. Even now, one of the delegates said that the global oil markets are still too vulnerable to restart production.
However, no decision has yet been made and the oil countries are said to be divided on how to proceed. A decision is expected in the coming weeks.