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The Organization of Petroleum Exporting Countries (OPEC) issued a statement on the 1st stating that eight major oil-producing countries have decided to increase production by 206,000 barrels per day on average in April. Representatives from Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting on that day to discuss the situation and prospects of the international oil market. The statement said that given the currently stable global economic outlook and low oil inventories, the eight countries decided to adjust production levels. To maintain stability in the oil market, the eight countries will adjust the pace of production increases flexibly based on market conditions. In April 2023, the aforementioned 8 countries announced voluntary production cuts of around 1.65 million barrels per day, and in November 2023 they announced additional voluntary production cuts of 2.2 million barrels per day. Since then, these two major production cut measures have been postponed several times. But during this period, crude oil production in the United States, *** and other countries increased. In March 2025, the aforementioned eight countries decided to gradually increase their crude oil production starting from April 1 of that same year. Thereafter, the eight countries continued to increase production on a monthly basis until December. From January to March 2026, eight countries announced a suspension of production increases due to seasonal factors.