OPEC: Saudi Arabia and 6 countries announce production adjustment in support of oil market stability

The Organization of the Petroleum Exporting Countries (OPEC) announced that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman have decided to adjust their oil production levels in a move aimed at enhancing the stability of global energy markets.

OPEC explained that the seven countries agreed to participate in implementing a production cut/adjustment of 188,000 barrels per day, as part of their collective commitment to supporting the balance of the oil market.

The organization added that implementation of this measure will begin in June 2026, with the participating countries set to hold a meeting on June 7, 2026, to review developments and coordinate on the next steps.