Seven member countries of the OPEC+ alliance decided, during a virtual meeting held on June 7, 2026, to adjust production by increasing output by 188,000 barrels per day starting in July 2026.

In a statement, the alliance announced that the seven countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, took the decision after reviewing global market conditions and outlooks as part of their collective commitment to supporting oil market stability. The adjustment is in addition to the gradual unwinding of voluntary production cuts first announced in April 2023.

Allocation of the Production Increase

The 188,000 barrel per day increase will be distributed among the seven countries as follows:

Saudi Arabia will increase production by 62,000 barrels per day, bringing its required production level to 10.353 million barrels per day.

Russia will increase production by 62,000 barrels per day, bringing its required production level to 9.824 million barrels per day.

Iraq will increase production by 26,000 barrels per day, bringing its required production level to 4.378 million barrels per day.

Kuwait will increase production by 16,000 barrels per day, bringing its required production level to 2.644 million barrels per day.

Kazakhstan will increase production by 10,000 barrels per day, bringing its required production level to 1.608 million barrels per day.

Algeria will increase production by 6,000 barrels per day, bringing its required production level to 995,000 barrels per day.

Oman will increase production by 5,000 barrels per day, bringing its required production level to 831,000 barrels per day.

Flexibility and Precautionary Approach

The alliance stated that the voluntary adjustments announced in April 2023 may be reversed in whole or in part, depending on evolving market conditions and in a gradual manner. It emphasized that it retains full flexibility to increase, freeze, or reverse the plan at any time, including reversing the voluntary cuts announced in November 2023.

Compensation for Excess Production

Member countries are required to accelerate compensation for cumulative excess production volumes recorded since January 2024, with the compensation period extended through the end of December 2026.

According to the statement, this measure will allow non-compliant countries to speed up the settlement process in line with the Declaration of Cooperation, while the Joint Ministerial Monitoring Committee (JMMC) will continue monitoring compliance levels among member states.

Scheduled Monthly Meetings

The seven countries agreed to hold regular monthly meetings to monitor market conditions and compliance levels. The next meeting is scheduled for July 5, 2026.