Vienna: The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 3 May 2026, to review global market conditions and outlook. In a move aimed at bolstering oil market stability, these countries have collectively decided to increase their oil production by 188,000 barrels per day starting in June 2026.

According to Emirates News Agency, the decision follows the additional voluntary adjustments announced in April 2023. The adjustment may be returned in part or in full, depending on evolving market conditions, and will be implemented gradually. The commitment to this production adjustment underscores the participating countries' dedication to maintaining market balance.

The seven OPEC+ countries have also agreed to hold monthly meetings to review market conditions, conformity, and compensation. Their next meeting is scheduled for 7 June 2026, where they will reassess the current market situation and make further decisions if necessary.