Published on: 2026-06-07
Source: Government of the Russian Federation –
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Deputy Prime Minister Alexander Novak, as co-chair, held a meeting of the group of 7 OPEC+ participating countries, adopting additional voluntary adjustments to oil production in April and November 2023.
The group of seven countries includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
Within the framework of obligations to support the stability of the oil market, 7 participating countries decided to adjust production in July 2026 by 188 thousand barrels per day compared to the additional voluntary adjustments announced in April 2023. These adjustments may be gradually partially or fully reversed depending on changes in market conditions.
Countries continue to closely monitor the situation. As part of ongoing efforts to support market stability, they have confirmed the importance of a cautious approach and maintaining flexibility for the continuation, suspension, or cancellation of additional voluntary production adjustments, including previously introduced voluntary adjustments announced in November 2023.
Seven OPEC+ member countries also noted that this measure will provide participants the opportunity to accelerate compensation. The countries confirmed their overall commitment to achieve full compliance with the Cooperation Declaration, including additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee. They confirmed their intention to fully compensate for any overproduction from January 2024. The compensation period will be extended until the end of December 2026.
Seven OPEC+ member countries have agreed to hold monthly meetings to analyze market conditions, compliance, and compensation. The next meeting will take place on July 5, 2026.
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