Seven OPEC+ countries including Kazakhstan to adjust oil production in June

The seven OPEC+ members agreed to adjust the oil output and reaffirmed their commitment to maintaining market stability, the organization said.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which had already announced voluntary production cuts, met virtually on May 3 to discuss the current situation on the global oil market and the outlook.

Following the talks, the countries decided to adjust output by 188,000 barrels per day within the voluntary cuts announced in April 2023. The new levels will take effect in June 2026.

OPEC+ noted that these measures may be partially or fully revised depending on market conditions. The members emphasized the importance of a flexible approach and their readiness, if necessary, to increase, suspend, or cancel previously introduced limits, including those announced in November 2023.

The countries also said the current adjustment would enable faster compensation for earlier overproduction. The members reaffirmed their commitment to fully compensate for volumes overproduced since January 2024 and to adhere to the terms of the Declaration of Cooperation.

The Joint Ministerial Monitoring Committee (JMMC) will continue to monitor compliance with the agreements. The countries are set to hold monthly meetings to assess market conditions, compliance with commitments and compensatory measures. The next meeting is scheduled for June 7, 2026.

Previously, Kursiv.media reported that Kazakhstan is not planning to change its OPEC+ participation format.