OPEC+: Oil production adjusted to increase by 188,000 barrels per day starting in June

Details of the decision to increase production

The meeting included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, where these countries discussed market conditions and supply and demand forecasts for the coming period. The participating countries decided to implement the new adjustment within the framework of previously agreed-upon voluntary adjustments, aiming to achieve greater balance in global markets.

Flexibility in dealing with market developments

The seven countries affirmed that the additional voluntary adjustments announced in April 2023 remain subject to review and may be modified, either increased or decreased, partially or wholly, depending on market developments. They indicated that this step reflects the member countries’ commitment to maintaining oil market stability and responding flexibly to global economic changes.

Continuous monitoring of oil market conditions

This decision comes at a time when the global oil market is experiencing ongoing volatility due to various economic and geopolitical factors. OPEC+ countries continue to hold regular meetings to assess the situation and take necessary measures to ensure price stability and achieve a balance between supply and demand, serving the interests of both producers and consumers.