The Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to increase oil production by 188,000 barrels per day (bpd) starting from July, in a move aimed at supporting stability in the global oil market.
In a statement released on Sunday, OPEC said the decision followed a virtual meeting involving seven member countries that had earlier carried out additional voluntary production adjustments in April and November 2023.
The participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
According to the group, the meeting assessed current global oil market conditions and future 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,” the statement reads.
“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.”
OPEC added that the countries will continue to monitor global market trends closely, stressing the importance of a cautious approach in maintaining stability.
The alliance also said member countries retain full flexibility to adjust output, including the option to increase, pause, or reverse the rollback of earlier voluntary cuts.
“The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the group added.
“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).”
The oil group further pledged to compensate for any overproduction since January 2024, extending the compensation timeline to the end of December 2026.
It also confirmed that the seven countries will continue holding monthly meetings to assess market conditions, compliance levels, and compensation progress, with the next meeting scheduled for July 5.