Seven OPEC+ member countries have agreed to introduce a combined oil production adjustment of 188,000 barrels per day as part of ongoing efforts to maintain stability in the global oil market.
The decision was reached during a virtual meeting held on May 3, 2026, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The countries reviewed current global oil market conditions and future expectations before agreeing on the new production plan.
According to the agreement, the adjustment will take effect in June 2026 and forms part of the voluntary production cuts first introduced in April 2023.
The participating nations explained that the voluntary cuts could be gradually eased, either partially or fully, depending on how market conditions develop in the coming months.
The group also stated that it would continue to monitor the oil market closely while maintaining flexibility to increase, suspend, or reverse the planned production adjustments whenever necessary.
In a statement released after the meeting, OPEC noted that the measure would help participating countries speed up efforts to compensate for previous overproduction.
The countries reaffirmed their commitment to complying fully with the Declaration of Cooperation and the voluntary output reductions being supervised by the Joint Ministerial Monitoring Committee (JMMC).
They also pledged to make up for any excess production recorded since January 2024 and agreed to continue holding monthly meetings to evaluate market performance, compliance, and compensation efforts. Their next meeting is expected to hold on June 7, 2026.
