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OPEC: Decision to Implement 188,000 Barrels/Day Production Adjustment, Meeting Scheduled for June 7
On May 3, OPEC issued a statement regarding a meeting held online on May 3, 2026, involving seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) to review the global market situation and outlook. The seven participating countries decided to implement a production adjustment of 188,000 barrels per day, based on the additional voluntary adjustments announced in April 2023. This adjustment will take effect in June 2026. The seven countries will reconvene for another meeting on June 7.