The seven member countries of the OPEC+ group—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—met via an electronic conference platform on June 7, 2026, to discuss the latest developments in oil markets and their future outlook.
Decision to adjust production levels
As part of efforts to enhance oil market stability, members agreed on a voluntary adjustment in production volume estimated at 188,000 barrels per day, which is part of the total voluntary adjustments announced in April 2023. This change will be applied starting from July 2026, according to the attached schedule.
Possibility of reversing previous adjustments
Members indicated that the volumes voluntarily pledged in April 2023 could be partially or fully restored gradually, depending on market fluctuations and needs.
Policy flexibility and market monitoring
The seven countries emphasized the need to adopt a cautious approach while maintaining full flexibility to increase, halt, or adjust voluntary adjustments, including those issued in November 2023. Close monitoring of market conditions will continue to ensure price stability.
Compensation mechanism and commitment
Members clarified that the measure will provide an opportunity to accelerate compensation processes, reaffirming their commitment to joint cooperation and oversight by the Joint Ministerial Monitoring Committee regarding adherence to adjustments. They also stated their intention to fully compensate for excess volumes since January 2024, extending the compensation period until the end of December 2026.
Monthly periodic meetings will be held to review market developments and the level of compliance with compensation plans, with the next meeting scheduled for July 5, 2026.
