Saudi Arabia and Allies Adjust Oil Production to Maintain Market Balance

Riyadh: The seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, recently convened virtually to assess the global oil market conditions and future outlook. During the meeting, the countries reaffirmed their commitment to supporting oil market stability through strategic production adjustments. According to Saudi Press Agency, the coalition decided to implement a production adjustment of 188,000 barrels per day starting in June 2026. This decision follows additional voluntary adjustments announced in April 2023. The countries emphasized that these adjustments could be modified based on market conditions, allowing for a phased return of production levels as needed. The flexibility to increase, pause, or reverse the adjustments, including those announced in November 2023, remains essential to their strategy. The participating nations highlighted that the new measure would enable them to accelerate compensation efforts. They reiterated their commitment to the Decla ration of Cooperation, ensuring adherence to the additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC). Furthermore, the countries pledged to compensate for any overproduced volume since January 2024. The seven OPEC+ countries are set to hold monthly meetings to evaluate market conditions, conformity, and compensation strategies. Their next meeting is scheduled for June 7, 2026.