Seven OPEC+ member states have agreed to implement a combined production adjustment of 188,000 barrels per day (bpd) in July 2026, according to a statement from the group. The countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
The group met virtually on Saturday to review global market conditions. The adjustment forms part of the additional voluntary production cuts first announced in April 2023, which the seven countries said may be returned in part or in full subject to market conditions.
The seven nations reaffirmed the importance of retaining flexibility to increase, pause, or reverse the phase-out of voluntary adjustments, including those announced in November 2023. They also confirmed their intention to fully compensate for any overproduction since January 2024, with the compensation period extended to the end of December 2026.
Conformity and compensation will be monitored by the Joint Ministerial Monitoring Committee (JMMC). The group will hold monthly meetings to review market conditions, with the next scheduled for 5 July 2026.
Full statement from OPEC:
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability
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 7 June 2026, to review global market conditions and outlook.
In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in July 2026 as detailed in the table below. The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.
The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The compensation period will be extended until the end of December 2026.
The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 5 July 2026.
