7 OPEC+ countries agree to increase production by 188 thousand barrels per day next June

2026/05/03 3:48:25 PM

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7 OPEC+ countries agree to increase production by 188 thousand barrels per day next June

The seven member states of the group decided "OPEC+" Participation in implementing an adjustment in production levels, amounting to 188 thousand barrels per day out of the total quantities of Voluntary additional amendments announced in April 2023 AD, and this amendment is scheduled to be implemented in June 2026 AD.

The seven member states of the "OPEC+"which includes the Kingdom of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which had previously announced additional voluntary amendments in the months of April and November of 2023 AD, held a meeting, via video conference, today, to review developments in the petroleum market and its future prospects.

Voluntary Additional Amendments

It is noted that the quantities of additional voluntary amendments that were announced in April 2023 AD may be returned. Partially or completely, gradually, depending on market variables.

Participating countries will continue to closely monitor and evaluate market conditions. As part of their continuing efforts to support market stability, the seven countries reaffirmed the importance of adopting a cautious approach and maintaining full flexibility, allowing for an increase, suspension, or reversal of the gradual return of voluntary production adjustments, including reversing the previous voluntary adjustments announced in November 2023. The seven countriesmembers of the OPEC+ group said that this measure will provide an opportunity for the participating countries to accelerate the compensation process. The seven countries renewed their commitment to the Declaration of Cooperation, including additional voluntary amendments whose compliance will be monitored by the Joint Ministerial Oversight Committee. The countries have confirmed their intention to compensate for the entire excess production quantities since January 2024.

The seven countries will hold monthly meetings to follow up on market developments, the level of commitment, and the implementation of compensation plans, with the next meeting to be held in June 7, 2026 AD.