OPEC: Decision to implement a production adjustment of 188,000 barrels per day, with another meeting scheduled for June

Golden Ten Data reported on May 3 that OPEC issued a statement on May 3, 2026. Seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) held an online meeting to review the global market situation and outlook. The seven participating countries decided to implement a production adjustment of 188,000 barrels per day on top of the additional voluntary adjustments announced in April 2023. This adjustment will take effect in June 2026. The seven countries will hold another meeting on June 7.