Seven OPEC+ countries decide to increase production limit by 188,000 b/d in June

Published at: 03/05/2026 10:00 AM

Seven countries of the OPEC+ alliance (Algeria, Iraq, Kazakhstan, Kuwait, Oman and Russia), which apply voluntary cuts to their oil production, reached an agreement to increase volume by 188,000 barrels per day next June, the Sputnik portal reported.

“In their collective commitment to support the stability of the oil market, the seven participating countries decided to apply a production adjustment of 188,000 barrels per day over the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in June 2026", indicates a press release issued at the end of a telematic meeting.

Countries will be able to increase their volumes:

Saudi Arabia and Russia: 62,000 b/d.

Iraq — in 26,000 b/d.

Kuwait — in 16,000 b/d.

Kazakhstan — in 10,000 b/d.

Algeria — in 6,000 b/d.

Oman — in 5,000 b/d.

The statement adds that “the additional voluntary adjustments announced in April 2023 may be restored, partially or completely, depending on the evolution of market conditions and gradually.”

Meeting participants reaffirmed the importance of “taking a cautious approach and maintaining full flexibility to increase, pause or reverse the phasing out of voluntary production adjustments, including the reversal of previously applied voluntary adjustments announced in November 2023.”

During the meeting, the first that OPEC+ held after the withdrawal of the United Arab Emirates from the oil cartel, the intention to “fully compensate for any volume produced in excess since January 2024" was also confirmed.

The seven OPEC+ countries will hold monthly meetings to examine market conditions, the degree of compliance and compensations, the statement said. The seven countries will reconvene on June 7, 2026.

Mazo News Team