ASTANA — Seven OPEC+ countries will implement a combined 188,000 barrels per day production adjustment in June to support market stability, with Kazakhstan’s output set at 1.599 million barrels per day, up by 10,000 barrels per day.
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Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia met virtually on May 3 to review global market conditions and outlook.
The group agreed to proceed with the planned adjustment from the additional voluntary cuts announced in April 2023, according to OPEC.
Participants said the April 2023 adjustments could be returned gradually, depending on market conditions. They emphasized a cautious approach and flexibility to increase, pause, or reverse changes, including those linked to November 2023 measures.
The countries reaffirmed their commitment to full conformity with the Declaration of Cooperation and to compensate for any overproduction since January 2024. They will continue monthly reviews of market conditions, conformity, and compensation, with the next meeting scheduled for June 7.
