OPEC+ continues to adjust voluntary production by 188 thousand barrels per day
The seven OPEC+ members that had previously announced additional voluntary adjustments in April and November 2023 – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – met virtually on June 7, 2026, to review global market conditions and outlook.
As part of 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 begin to be implemented in July 2026 as shown in the attached table. The additional voluntary amendments announced in April 2023 may be reinstated in part or in full, depending on market developments and gradually.
The seven countries participating in the OPEC+ alliance will continue to closely monitor and evaluate market conditions, and as part of their continued efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, stop or cancel voluntary adjustments to production, including canceling the previously implemented voluntary adjustments that were announced in November 2023.
The seven countries also indicated that this measure would provide the participating countries with an opportunity to accelerate the compensation process. The seven countries renewed their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary adjustments to production that will be monitored by the Joint Ministerial Oversight Committee. It also confirmed its intention to fully compensate for any surplus production since January 2024. The compensation period will be extended until the end of December 2026.
The seven countries participating in the OPEC+ alliance will hold monthly meetings to review market conditions, compatibility and compensation. The seven countries will meet on July 5, 2026.
