Saudi Arabia, Russia and partners signal flexible supply stance amid uncertain demand outlook
The seven key OPEC+ producers have agreed to raise output modestly next month as they attempt to balance market stability with lingering uncertainty in global demand conditions.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met virtually to review oil market fundamentals and decided to implement a collective production adjustment of 188,000 barrels per day starting in June 2026.
The adjustment will be drawn from voluntary cuts first announced in April 2023, part of a broader set of supply reductions aimed at supporting prices during periods of volatility. Officials said the return of barrels could be phased and partially reversed depending on market developments.
In a joint position, the countries emphasised what they described as a “cautious and flexible” approach to supply management, leaving room to either increase, pause or reverse the planned unwinding of cuts if conditions shift. They also noted the possibility of reversing earlier voluntary adjustments announced in November 2023.
The producers said the move would also help participating members accelerate compensation for previous overproduction. They reaffirmed their commitment to full compliance under the OPEC+ Declaration of Cooperation and said they would make up for any excess output recorded since January 2024.
Monitoring of output and compliance will continue under the Joint Ministerial Monitoring Committee, with the group maintaining monthly reviews of market conditions, production discipline and compensation levels.
The alliance has been managing supply in a tightly coordinated framework since 2023 as it seeks to defend prices against demand fluctuations linked to slower global growth, shifting consumption patterns and continued uncertainty in key importing regions.
The group said it will reconvene on June 7, 2026, to reassess conditions and determine the next steps for production policy.
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