Seven member nations of the OPEC+ alliance—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—have decided to implement a production adjustment of 188,000 barrels per day (bpd) starting next June, as part of their collective commitment to supporting oil market stability.
اضافة اعلان
According to an OPEC statement released on Sunday, the seven members—which had previously announced additional voluntary adjustments in April and November 2023—held a virtual meeting today, May 3, 2026, to review global market conditions and outlooks.
The statement added: "As part of their commitment to supporting petroleum market stability, the seven participating countries decided to implement an adjustment in production levels totaling 188,000 bpd from the total additional voluntary adjustments announced in April 2023. This adjustment is scheduled to take effect in June 2026."
The statement clarified that the additional voluntary cuts announced in April 2023 could be partially or fully restored gradually, depending on market developments. The participating nations emphasized they would continue to monitor and assess market conditions closely.
In their ongoing efforts to maintain market stability, the members reaffirmed the importance of a cautious approach and maintaining full flexibility to increase, pause, or reverse voluntary production adjustments—including those announced in November 2023. They also noted that this move would provide an opportunity to accelerate the compensation process.
The seven nations renewed their collective commitment to full compliance with the Declaration of Cooperation, including additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC). They also affirmed their determination to fully compensate for any overproduction since January 2024.
Monthly meetings will be held to review market conditions, compliance, and compensation, with the next meeting scheduled for June 7, 2026.
OPEC+ Alliances and Market Context
Following the withdrawal of the UAE, the OPEC+ alliance now consists of 21 members, including Iran. However, these seven nations, alongside the UAE, have been the primary decision-makers regarding monthly production over the past few years.
The conflict involving Iran, which broke out on February 28, and the subsequent closure of the Strait of Hormuz, have led to a decrease in exports from some OPEC+ members.
This disruption caused oil prices to surge to a four-year high last week, exceeding $125 per barrel. Analysts have begun predicting widespread shortages of jet fuel within one to two months and a sharp spike in global inflation.
According to an OPEC report released last month, the average crude oil production of all OPEC+ members reached 35.06 million bpd in March, a decrease of 7.70 million bpd compared to February.
