Saudi Arabia, Russia, and five other OPEC+ nations will increase collective oil production by 188,000 barrels per day. This output hike begins in June 2026.
The group reached this decision during a virtual meeting on May 3. The move follows the surprise withdrawal of the United Arab Emirates from the alliance.
Analysts view the production increase as an effort to project market control despite geopolitical tensions. The participating nations stated the adjustment supports long-term oil market stability.
Participating members include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These nations committed to compensating for any overproduction recorded since January 2024. The group will maintain monthly market reviews, with the next meeting scheduled for June 7, 2026.