Seven OPEC+ countries that previously announced additional voluntary production cuts in April and November 2023 held a virtual meeting on 3 May 2026 to review global oil market conditions and the outlook.
The countries of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman agreed to implement a production adjustment of 188,000 barrels per day, in addition to the voluntary cuts announced in April 2023. Additionally, the group said the adjustment will take effect in June 2026 as part of its efforts to support oil market stability.
The participating members noted that the voluntary adjustments introduced in April 2023 may be partially or fully reversed. However, any reversal will depend on evolving market conditions and will take place gradually.
Moreover, the seven countries confirmed they will hold monthly meetings to assess market conditions, conformity, and compensation. As a result, they will meet again on 7 June 2026.
