Seven members of OPEC+ that introduced voluntary production cuts in 2023 convened virtually on May 3 to reassess global oil market conditions and the outlook, signaling a continued focus on supply discipline amid shifting demand dynamics.

The group, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to implement a production adjustment of 188,000 barrels per day. The move forms part of the additional voluntary measures first announced in April 2023 and will take effect in June 2026.

The decision reflects a calibrated approach to balancing supply with evolving market conditions. The group said the previously announced voluntary adjustments may be reversed, either partially or in full, depending on how global demand and pricing trends develop, with any changes introduced gradually.

The countries emphasized that flexibility remains central to their strategy. They will continue to monitor market conditions closely and retain the option to increase, pause, or reverse the phaseout of production cuts, including those introduced in November 2023.

The latest adjustment is also positioned as a mechanism to support compliance within the group. Participating countries said the move could allow them to accelerate compensation for any overproduction, reinforcing adherence to agreed quotas under the Declaration of Cooperation.

Oversight will continue through the Joint Ministerial Monitoring Committee, which tracks conformity and market developments. The group reiterated its commitment to full compliance, including making up for any excess production recorded since January 2024.

Looking ahead, the seven countries plan to meet monthly to review market conditions, compliance levels, and compensation progress. Their next meeting is scheduled for June 7, 2026, as they continue to navigate a volatile global energy environment.