The Organization of the Petroleum Exporting Countries and its allies, commonly known as OPEC Plus, held a virtual meeting on 3 May 2026 to review global oil market conditions. The countries involved were Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These nations had earlier announced voluntary production adjustments in April and November 2023 to manage supply and support prices.
After reviewing the current market outlook, the group decided to make a production adjustment of 188 thousand barrels per day. This change will come from the earlier voluntary cuts announced in April 2023. The adjustment is planned to be implemented in June 2026.
The decision reflects the group’s continued focus on maintaining stability in the global oil market. Oil prices have been sensitive to demand uncertainty and geopolitical developments, so controlled supply remains a key strategy for OPEC Plus. The group emphasized that it will take a cautious and flexible approach depending on market conditions.
Saudi Arabia and Russia will contribute the largest increases, each adding 62 thousand barrels per day. Iraq will increase production by 26 thousand barrels per day, while Kuwait will add 16 thousand barrels per day. Kazakhstan will contribute 10 thousand barrels per day.
Algeria and Oman will make smaller adjustments, adding 6 thousand and 5 thousand barrels per day respectively. These contributions together bring the total adjustment to 188 thousand barrels per day, as planned by the group.
The updated required production levels for June 2026 show Saudi Arabia at 10.291 million barrels per day and Russia at 9.762 million barrels per day. Iraq will produce 4.352 million barrels per day, while Kuwait will reach 2.628 million barrels per day. Kazakhstan, Algeria, and Oman will produce 1.599 million, 989 thousand, and 826 thousand barrels per day respectively.
OPEC Plus also highlighted that these adjustments may be reversed or modified depending on how the market evolves. The group wants to retain full flexibility to either increase supply further or pause changes if needed. This ensures they can respond quickly to any shifts in global demand or supply disruptions.
The countries also reaffirmed their commitment to full compliance with production agreements. They stated that any overproduction since January 2024 will be fully compensated. Monitoring will continue through the Joint Ministerial Monitoring Committee to ensure discipline among members.
Looking ahead, the group will continue holding monthly meetings to review market conditions and compliance levels. The next meeting is scheduled for 7 June 2026, where further decisions may be taken based on updated global oil demand and supply trends.
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