OPEC+ to adjust production by 188,000 bpd starting in July

Logo of OPEC

Seven OPEC+ countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on June 7, 2026, to review global market conditions and prospects.

The seven countries decided to adjust their production by 188,000 barrels per day (bpd) from the additional voluntary cuts announced in April 2023. This adjustment will be implemented starting in July 2026.

The countries may announce the reinstatement of these additional voluntary cuts, either partially or fully, gradually and depending on market developments. They also affirmed their commitment to closely monitoring and continuously assessing market conditions.

They emphasized the importance of a cautious approach and reiterated their full flexibility to increase, suspend, or reverse the voluntary cuts, including reversing the previously announced voluntary cuts in November 2023.

The seven countries indicated that this measure provides an opportunity to accelerate compensation. They reaffirmed their collective commitment to achieving full compliance with the Declaration of Cooperation.

The Joint Ministerial Monitoring Committee will also monitor compliance with the voluntary production cuts.

The countries affirmed their commitment to offsetting any overproduction since January 2024, and the compensation period will be extended until the end of December 2026.

The seven countries will hold monthly meetings to review market conditions, compliance, and compensation. The next meeting is scheduled for July 5, 2026.