OPEC+ agrees 188k bpd output adjustment, reaffirms market stability

OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman agreed on Sunday to adjust production by 188 thousand barrels per day from the additional voluntary cuts announced in April 2023, to take effect in June 2026.

The seven producers said the April 2023 adjustments could be returned in full or in part, depending on market conditions, while maintaining full flexibility to increase, pause or reverse the phase-out of voluntary cuts, including those announced in November 2023.

The group reaffirmed its commitment to full conformity with the Declaration of Cooperation and to compensating any overproduction since January 2024, while continuing monthly reviews of market conditions, conformity, and compensation. The next meeting is scheduled for 7 June 2026.

Attribution: Organization of the Petroleum Exporting Countries