OPEC+ Countries Agree to Boost Oil Output by 188,000 Barrels Per Day in June

Seven OPEC+ countries agreed to increase oil production by 188,000 barrels per day starting in June 2026, drawing from additional voluntary adjustments announced in April 2023. The decision came during a virtual meeting on May 3, 2026, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.

@JavierBlas reported that the core OPEC+ group reached this agreement on another output hike.

The participating countries met to review global market conditions and outlook, reaffirming their collective commitment to support oil market stability. They decided on the production adjustment to provide an opportunity for accelerating compensation for any overproduced volumes since January 2024. The cartel’s statement does not mention the departure of the UAE from the group.

These seven countries previously announced additional voluntary adjustments in April 2023 and November 2023. The additional voluntary adjustments from April 2023 may be returned in part or in full, subject to evolving market conditions and in a gradual manner.

They reiterated the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of these voluntary production adjustments, including reversing those announced in November 2023.

The seven countries confirmed their intention to fully compensate for any overproduced volume since January 2024. They also reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments.

The additional voluntary production adjustments will be monitored by the Joint Ministerial Monitoring Committee (JMMC).

Monthly meetings will be held by the seven OPEC+ countries to review market conditions, conformity and compensation. The next meeting is scheduled for June 7, 2026. There is a Strait of Hormuz blockade, as noted in the context of the output hike decision.

The seven countries collectively committed to support oil market stability through these measures.