Published on: 2026-05-03
Source: People’s Republic of China in Russian –
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Vienna, May 3 /Xinhua/ — Seven OPEC+ countries decided to increase oil production in June by 188 thousand barrels per day in response to the request from the United Arab Emirates from the Organization of Petroleum Exporting Countries — oil exporters. This was stated in an OPEC announcement published on Sunday.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman made this decision on May 3 during an online meeting dedicated to reviewing the situation and prospects on the global market.
The statement notes that voluntary adjustments of production volumes may be gradually canceled, partially or completely, depending on market developments. The specified countries have confirmed their commitment to the stability of the oil market and emphasized the necessity of careful and flexible approach. They also stated that this step will provide an opportunity to receive compensation for any overproduction from January 2024.
Seven states once again emphasized their commitment to fully comply with the Declaration on Cooperation, noting that production levels will be controlled by the Joint Ministerial Monitoring Committee.
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