The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to increase oil production by 188,000 barrels per day, as the U.S.-Israeli war on Iran disrupts global supply.
Seven OPEC+ countries—Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia—agreed on the adjustment after a virtual meeting on global market review on Sunday.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC+ said in a statement.

It said the implementation would take effect in June 2026.
“The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the statement said.
The group said the production adjustments announced in April 2023 could be gradually reversed, either partially or in full, depending on market conditions.
“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability.
“They reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause, or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023,” the group said.
The countries restated their commitment to the Declaration of Cooperation, with the Joint Ministerial Monitoring Committee (JMMC) overseeing the additional voluntary production adjustments.
The group noted its intention to compensate countries for overproduced volumes since January 2024.
“The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 7 June 2026,” it added.
Although OPEC+ comprises 21 countries, only seven of them, along with the United Arab Emirates, have actively participated in decisions on monthly oil production in recent years.
The UAE announced its withdrawal from OPEC and OPEC+ on April 28, citing “a comprehensive review of the UAE’s production policy and its current and future capacity.”
Since the war in Iran began on February 28, global oil supply has been disrupted amid the closure of the Strait of Hormuz—a critical route for crude oil shipments—driving oil prices to $125 per barrel.