Tengrinews.kz – OPEC+ countries, including Kazakhstan, have agreed on a new increase in oil production quotas. The decision was made on June 7 during an online meeting of alliance members.
What happened
Seven OPEC+ countries — Kazakhstan, Russia, Saudi Arabia, Iraq, Kuwait, Algeria and Oman — decided to adjust oil production by 188,000 barrels per day.
This change will take effect in July 2026. According to OPEC+, the decision is aimed at maintaining stability in the oil market.
It is noted that OPEC+ countries said they would continue to monitor the market situation.
As part of efforts to maintain oil market stability, they reaffirmed their commitment to a cautious approach and to maintaining full flexibility when making decisions on increasing production, pausing or reversing the phased withdrawal from voluntary cuts.
“The countries reaffirmed their commitment to fully complying with the terms of the Declaration of Cooperation, including additional voluntary production cuts, whose implementation will be monitored by the Joint Ministerial Monitoring Committee, JMMC. In addition, the participants confirmed their intention to fully compensate for all volumes produced above the established level since January 2024. The deadline for fulfilling these obligations has been extended until the end of December 2026,” the statement said.
It is also specified that the seven OPEC+ countries agreed to hold monthly meetings to assess the market situation, compliance with the agreements and the fulfillment of compensation obligations.
The next meeting of the participants is scheduled for July 5.
As a reminder, in May, Kazakhstan and six other OPEC+ countries issued a statement. At that time, it was reported that seven OPEC+ countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — held a virtual meeting to review the current situation and prospects of the global market.
It was specified that, as part of their collective commitment to maintaining oil market stability, the seven countries decided to adjust production by about 188,000 barrels per day. This adjustment was supposed to take effect in June 2026.
