Seven OPEC+ countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually on May 3 to assess global oil market conditions and outlook. The meeting resulted in a collective decision to implement a production adjustment of 188,000 barrels per day (bbl/d), effective June 2026, according to OPEC’s statement.

This adjustment stems from the additional voluntary cuts announced in April 2023. The group emphasized that these measures remain flexible and may be phased out, paused, or reversed depending on evolving market dynamics. They also highlighted the possibility of reinstating part or all of the April 2023 voluntary adjustments if required.

The ministers reaffirmed their cautious approach, stressing the importance of maintaining stability in the oil market. They noted that the adjustment provides an opportunity for participating countries to accelerate compensation for any overproduction since January 2024.

The Joint Ministerial Monitoring Committee (JMMC) will oversee compliance with the Declaration of Cooperation, including voluntary adjustments. The seven countries reiterated their commitment to achieving full conformity and pledged to fully compensate for any excess production.

The UAE, which had earlier stepped away from the voluntary adjustment plan to focus on its own production goals, was not part of this latest decision.

Monthly meetings will continue to review market conditions, conformity, and compensation progress. The next meeting is scheduled for June 7th, 2026.

Last month, the group had also made a voluntary adjustment of 206,000 barrels per day, marking the first step in gradually unwinding the 1.65 million barrels per day (mmbbl/d) of voluntary cuts announced in April 2023.