Saudi Arabia, Russia, Iraq, four other countries adjust crude oil production
The seven Organisation of Petroleum Exporting Countries (OPEC) and its allies (OPEC+), which previously announced additional voluntary adjustments in April and November 2023, include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan,
The seven Organisation of Petroleum Exporting Countries (OPEC) and its allies (OPEC+), which previously announced additional voluntary adjustments in April and November 2023, include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 3 May 2026, to review global market conditions and outlook.
In a collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day, in addition to the voluntary adjustments announced in April 2023.
OPEC broke the news in a press statement on Sunday.
According to the statement, the adjustment will be implemented in June 2026 as detailed in the table below. The additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to evolving market conditions and in a gradual manner.
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The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.
The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 7 June 2026.
