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Ulviyya Poladova

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Seven members of the OPEC+ announced that they will implement a production adjustment of 188,000 barrels per day (bpd) beginning in June 2026, as part of ongoing efforts to stabilize the global oil market, AzerNEWS reports, citing Anadolu Agency.

The decision was reached during a virtual meeting involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The countries reviewed current global market conditions and discussed the outlook for oil demand and supply.

According to the group, the adjustment stems from additional voluntary production cuts first announced in April 2023. The planned increase will be implemented gradually, with the possibility of further modifications depending on market developments.

"The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023," OPEC said.

The seven countries are scheduled to meet again on June 7.