Seven OPEC+ countries have voluntarily increased oil production by 188,000 barrels per day (bpd) starting in June 2026, marking their first meeting since the United Arab Emirates (UAE) exited the group on May 1, 2026.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on May 3, 2026, to review global oil market conditions amid ongoing supply disruptions, including those stemming from the Iran conflict, which has closed the Strait of Hormuz since late February.
The UAE’s departure—the largest oil producer to leave OPEC after nearly 60 years—frees it from production quotas capping output at 3.4 million bpd, despite a capacity of nearly 5 million bpd, potentially adding flexibility to global supply.
This adjustment follows prior voluntary increases, including 206,000 bpd in May (excluding UAE share), and draws from additional cuts announced in April 2023.
The participating countries “decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” an OPEC statement said yesterday.
OPEC+ stressed a “cautious approach” to market stability, with flexibility to increase, pause, or reverse phase-outs—including those from November 2023—and noted the move accelerates compensation for overproduction since January 2024.
The group reaffirmed its commitment to the Declaration of Cooperation, monitored by the Joint Ministerial Monitoring Committee (JMMC), and pledged to fully offset excess volumes, with updated plans from overproducers like Iraq, Kazakhstan, and Oman reducing their “debt” to around 4.3 million bpd earlier this year.
SOURCE: LEADERSHIP NEWS PAPER
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