Seven members of the OPEC+ have agreed to adjust oil production levels as part of ongoing efforts to stabilise the global market.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — reached the decision during a virtual meeting held on May 3, 2026, to review global oil market conditions and outlook.
In a joint statement, the group announced a production adjustment of 188,000 barrels per day, to be implemented in June 2026. The move forms part of the additional voluntary output measures first introduced in April 2023.
The producers emphasised that the adjustments remain flexible and could be modified depending on evolving market conditions. They noted that previously announced cuts could be returned either partially or fully, in a gradual manner.
The countries reaffirmed their commitment to maintaining market stability, stressing the need for a cautious approach. They also highlighted the option to increase, pause, or reverse the phase-out of earlier production cuts, including those introduced in November 2023.
The group said the latest measure would allow participating countries to accelerate efforts to compensate for any overproduction since January 2024, in line with agreed quotas.
They reiterated their commitment to full compliance with the Declaration of Cooperation, with adherence to production targets to be monitored by the Joint Ministerial Monitoring Committee.
The seven countries also confirmed plans to continue holding monthly meetings to assess market conditions, compliance, and compensation levels. Their next meeting is scheduled for June 7, 2026.
