Seven countries in the OPEC Plus alliance decided, on Sunday, to increase oil production by 188,000 barrels per day in June, which is the third monthly increase in a row.
The seven countries are: Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and the Sultanate of Oman, which affirmed their “commitment to market stability.”
A statement from OPEC explained, “The additional voluntary amendments announced in April 2023 may be partially or completely restored, depending on developments in market conditions and gradually.” The seven countries participating in the OPEC Plus alliance will continue to closely monitor and evaluate market conditions.”
As part of their continued efforts to support market stability, the seven countries reiterated the importance of following a cautious approach and maintaining full flexibility to increase, stop or cancel voluntary production adjustments, including canceling previously implemented voluntary adjustments announced in November 2023.
The seven countries participating in the OPEC Plus alliance also indicated that this measure will give them the opportunity to accelerate the compensation process.
The seven countries renewed their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary adjustments to production that will be monitored by the Joint Ministerial Oversight Committee. It also confirmed its intention to fully compensate for any surplus production since January 2024.
The seven countries participating in the OPEC Plus alliance will be held on January 7, 2026.
