Seven countries agree on oil production adjustment

Seven oil producing countries, part of OPEC Plus announced to implement a production adjustment of 188,000 barrels per day in June 2026, as part of efforts to support global oil market stability.

The countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting on Sunday to review market conditions and outlook.

The adjustment is part of the additional voluntary production measures first announced in April 2023. The group said these adjustments could be partially or fully reversed depending on evolving market conditions.

The countries reaffirmed their commitment to maintaining flexibility, noting they may increase, pause, or reverse the phase-out of voluntary cuts, including those introduced in November 2023.

They also stressed the importance of full compliance with the Declaration of Cooperation, with implementation to be monitored by the Joint Ministerial Monitoring Committee (JMMC).

The group confirmed plans to compensate for any overproduction since January 2024 and said the current measure would help accelerate those efforts.

The seven countries will continue to meet monthly to assess market developments, compliance, and compensation progress, with the next meeting scheduled for June 07, 2026.