Representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting that day to discuss the international oil market situation and outlook. The post-meeting statement said that to maintain oil market stability, the seven countries will flexibly adjust the pace of production increases based on market conditions.

However, analysts believe that with shipping through the Strait of Hormuz disrupted, the move by major Gulf oil producers to increase output to curb soaring oil prices is of little significance, and OPEC's ability to act is very limited.

"OPEC+" is composed of OPEC member countries and non-OPEC oil-producing countries such as Russia. In March 2025, the above seven countries, together with the United Arab Emirates, which has since left OPEC, jointly decided to gradually increase crude oil production starting April 1 of the same year. Subsequently, the eight countries maintained monthly output increases until December. From January to March 2026, the eight countries announced a suspension of production increases due to seasonal factors. In March, the eight countries announced a resumption of production increases starting in April. On May 1, the United Arab Emirates officially withdrew from OPEC and "OPEC+".