The seven OPEC+ countries that announced additional voluntary adjustments in April and November 2023 — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — met virtually on May 3 to assess global market conditions.

In a collective effort to support oil market stability, these nations agreed to increase production by 188,000 barrels per day from the additional voluntary adjustments made in April 2023.

This adjustment will take effect in June 2026.

The countries emphasized that these additional voluntary adjustments can be reversed based on evolving market conditions and in a gradual manner.

They also stated their intention to monitor and assess market conditions closely and maintain flexibility to increase, pause, or reverse production adjustments, including those from November 2023.

The measure will allow participating countries to accelerate their compensation efforts.

The OPEC+ countries reiterated their commitment to achieving full conformity with the Declaration of Cooperation and monitoring by the Joint Ministerial Monitoring Committee (JMMC).

They also confirmed plans to fully compensate for any overproduced volume since January 2024.

Monthly meetings will be held to review market conditions, adherence, and compensation efforts.

The next meeting is scheduled for June 7, 2026.