Kazakhstan and six other OPEC+ countries issued a statement

Ulpan Sabi

Tengrinews.kz — Seven OPEC+ countries have agreed to raise their oil production targets. Details were published on the alliance’s official page.

Statement

Seven OPEC+ countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting on May 3 to review the current situation and outlook for the global market.

It was clarified that, as part of their collective commitment to supporting stability in the oil market, the seven countries decided to implement a production adjustment of approximately 188,000 barrels per day. This adjustment will take effect in June 2026.

Screenshot: OPEC+ website

The countries said they will continue to closely monitor and assess market conditions.

Note: They also retain full flexibility — if necessary, they can accelerate, pause, or reverse the phased unwinding of these measures, including the possibility of revising the voluntary restrictions announced in November 2023.

In addition, the seven countries reaffirmed their collective commitment to full compliance with the Declaration of Cooperation, including additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduction volumes since January 2024.

The seven OPEC+ countries will hold monthly meetings to review market conditions, compliance with commitments, and the implementation of compensation measures. The next meeting is expected to take place on June 7, 2026.