Vienna, Austria – The seven member countries of the OPEC+ alliance announced on Sunday an adjustment to oil production levels by 188,000 barrels per day, with the decision to be implemented starting in June 2026.
This came during a virtual meeting that included the countries
that had previously approved additional voluntary adjustments in April and November 2023,
as part of monitoring developments in the global oil market.
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.
