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Informist, Monday, May 4, 2026

MUMBAI – Seven member countries of the Organization of the Petroleum Exporting Countries and its allies have agreed to implement a production increase of 188,000 barrels per day of crude oil in June from the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023. This marks the third consecutive monthly increase, though it is lower than last month's due to the United Arab Emirates's exit from the organisation on May 1. 

The UAE's exit comes at a time when major oil producers in the Persian Gulf region are going through a record loss of supply following the outbreak of hostilities in West Asia, causing a historic energy shock around the world. The decision reflects the country's long-term strategic plans and evolving energy profile, including higher crude oil production. It follows a comprehensive review of the country's production policy and its current and future capacity and is "based on our national interest and our commitment to contributing effectively to meeting the market's pressing needs", the UAE said.

The seven countries, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, will continue to closely monitor and assess market conditions. To support market stability, the seven countries 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 countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the joint ministerial monitoring committee, they said. 

They also confirmed their intention to fully compensate for any overproduced volume since January 2024, the organisation said. The seven counties will meet again on Jun. 7, they said.  

The following table shows the required production by each of the seven member nations, in thousand barrels per day:

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US$1 = INR 94.91

Reported by Shreya Shetty

Edited by Saji George Titus

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