7 OPEC+ countries agree to raise oil output by 188,000 bpd
The seven OPEC+ countries - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 7 June 2026, to review global market conditions and outlook, Qazinform News Agency learned from opec.org.
In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be applied in July 2026.
"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. 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," a statement reads.
The countries emphasized that this measure will provide an opportunity for the participating countries to accelerate their compensation.
They reaffirmed 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 compensation period will be extended until the end of December 2026.
The countries agreed to hold monthly meetings to review market conditions, conformity, and compensation. The next meeting is scheduled for 5 July 2026.