Seven OPEC+ countries to increase oil production in June

Seven OPEC+ countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – held a virtual meeting on May 3, 2026, to review global market conditions and the outlook for oil prices. These seven countries had previously announced additional voluntary production adjustments in April and November 2023.

The decision

It is noted that in a collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments first announced in April 2023.

This adjustment will take effect in June 2026.

Flexibility for future changes

According to the Group, the additional voluntary adjustments announced in April 2023 may be partially or fully restored depending on market conditions. Any restoration would be carried out gradually.

The countries reaffirmed the importance of a cautious approach, retaining full flexibility to increase, pause, or reverse the phase-out of voluntary production adjustments – including reversing the previously implemented adjustments announced in November 2023.

Compensation for overproduction

The seven countries also noted that this measure will provide an opportunity to accelerate compensation for past overproduction. They reiterated their commitment to full conformity with the Declaration of Cooperation, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC).

The nations also confirmed their intention to fully compensate for any overproduced volume since January 2024.

Next meetings

The seven OPEC+ countries are said to hold monthly meetings to review market conditions, conformity, and compensation. Their next meeting is scheduled for June 7, 2026.

As Qazinform reported, Kazakhstan will not change the format of its participation in OPEC+. Earlier, the UAE announced its decision to exit OPEC & OPEC+.