Seven OPEC+ countries have agreed to increase their target oil production, reports Todayinfo. Details were announced on the alliance's official page.
Seven OPEC+ nations, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on May 3. The purpose was to review the current situation and prospects of the global market.
As part of their collective commitment to maintaining oil market stability, these countries decided to implement a production adjustment of approximately 188,000 barrels per day. This adjustment will be implemented in June 2026.
It was reported that the countries will continue to closely monitor and assess market conditions. Furthermore, the seven nations reaffirmed their collective commitment to achieving full compliance with the Declaration of Cooperation.
They also confirmed their intention to fully compensate for any overproduction volumes from January 2024. These measures will be overseen by the Joint Ministerial Monitoring Committee (JMMC).
The OPEC+ countries will hold monthly meetings to review market conditions, compliance with obligations, and the implementation of compensatory measures. The next meeting is expected to take place on June 7, 2026.
Previously, the United Arab Emirates announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance, effective May 1, 2026.
An official statement indicated that the decision was made in line with the country's long-term strategy. It is linked to the development of its energy sector and plans to accelerate investments in boosting domestic production capacities.
Abu Dhabi stated that after leaving OPEC, the country would continue to gradually increase oil production, focusing on demand and market conditions.
Kazakhstani experts believe that the UAE's exit from OPEC and OPEC+ was caused by accumulated disagreements within the organization and production limits that did not suit the Emirates. How this might affect the global oil market is a topic of discussion.
The UAE's departure from OPEC is expected to change the rules of the game in the oil market and, under certain scenarios, could weaken the tenge. An expert previously explained the possible oil price scenarios and conditions under which the exchange rate might revert to the psychological mark of 500.
