JEDDAH, May 4: OPEC+ countries have agreed to adjust oil output by 188,000 barrels per day starting June 2026, as producers move to stabilise global energy markets amid ongoing volatility.
The decision, announced by the Organization of the Petroleum Exporting Countries (OPEC), involves Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, and builds on voluntary supply measures first introduced in April 2023.
Oil supply move aimed at stabilising prices
The coordinated adjustment reflects continued efforts by OPEC+ to manage oil supply and prevent sharp swings in global prices. The group said the move is part of its broader strategy to maintain balance between supply and demand.
Officials added that the production changes remain flexible and could be partially or fully reversed depending on evolving market conditions.
Monitoring mechanism and compliance
OPEC+ said the Joint Ministerial Monitoring Committee will oversee implementation and compliance, including compensation for any excess production recorded after January 2024.
Member countries will continue monthly reviews to assess market conditions and adjust output if needed. The next meeting is scheduled for June 7, 2026.
Global context and market pressures
The decision comes as oil markets remain sensitive to geopolitical developments, including tensions affecting shipping routes such as the Strait of Hormuz. Supply disruptions and uncertainty have contributed to recent price fluctuations.
Separately, the United Arab Emirates recently announced its exit from OPEC after nearly 60 years, marking a notable shift within the producer group.
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