-- Seven OPEC+ nations, including Saudi Arabia and Russia, decided during a virtual meeting on May 3 to increase oil production by 188,000 barrels per day for June 2026.
In a collective move to manage evolving market conditions, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman agreed to return a portion of their voluntary production cuts starting next month.
Beyond the production hike, the countries reaffirmed their commitment to the Declaration of Cooperation.
They pledged to fully compensate for any overproduced volumes recorded since January 2024, with the Joint Ministerial Monitoring Committee tasked with overseeing strict conformity.
Simultaneous with the OPEC+ production shift, the Organization of Arab Petroleum Exporting Countries confirmed the official withdrawal of the UAE, effective May 1.
Despite the exit, OAPEC officials stated they remain focused on enhancing cooperation and integration among the remaining member states to support regional petroleum interests.
The next OPEC meeting is scheduled for June 7.