Seven key members of the OPEC+ have agreed to a fresh production adjustment aimed at supporting global oil market stability, following a virtual meeting held on May 3, 2026.
The countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, reviewed global oil market conditions and reaffirmed their coordinated approach to supply management.
The group announced a production adjustment of 188,000 barrels per day, which will take effect in June 2026. The move forms part of the broader voluntary production measures initially introduced in April 2023 to stabilise oil prices amid market volatility.
According to the statement, “this adjustment will be implemented in June 2026,” with flexibility to modify the approach depending on evolving market conditions.
Flexible Strategy Amid Uncertainty
The participating countries emphasised the need for caution, noting that previous production adjustments could be reversed or modified if required.
They reiterated their readiness to “increase, pause or reverse” the phased withdrawal of cuts, including those introduced in November 2023.
This flexible stance reflects ongoing uncertainty in global energy markets, driven by shifting demand patterns and geopolitical factors.
The countries also reaffirmed their commitment to full compliance with the Declaration of Cooperation, with production levels to be closely monitored by the Joint Ministerial Monitoring Committee.
They pledged to compensate for any overproduction recorded since January 2024, ensuring adherence to agreed quotas.
Monthly Reviews to Continue
To maintain oversight, the group confirmed it will continue holding monthly meetings to assess market conditions, compliance, and compensation efforts, with the next meeting scheduled for June 7, 2026.
The latest OPEC+ production adjustment underscores the alliance’s ongoing efforts to balance supply and demand while maintaining stability in global oil markets.
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