In a virtual meeting on Sunday, the eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, decided to implement a production adjustment of 206 thousand barrels per day in May. This adjustment follows the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.
The production adjustment of 206 thousand barrels per day is set to take effect in May 2026. OPEC mentioned that the 1.65 million barrels per day may be gradually returned, depending on evolving market conditions.
The countries emphasized the importance of closely monitoring market conditions and maintaining flexibility in their efforts to support market stability. They also reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation and compensating for any overproduced volume since January 2024.
The OPEC+ countries expressed concerns about attacks on energy infrastructure, highlighting the impact on supply availability and market volatility. They commended efforts to ensure the availability of supplies through alternative export routes, aiming to reduce market volatility and support stability.
