OPEC+ Adjusts Oil Output by 188,000 Bpd, Russia Gets Biggest Boost

13:17 GMT, 3 May 2026

Seven OPEC+ countries - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - decided to raise production by 188,000 barrels per day in June, compared to May.

Sputnik

Key adjustments:

Russia: +62,000 bpd

Saudi Arabia: +62,000 bpd

Iraq: +26,000 bpd

Kuwait: +16,000 bpd

Oman: +5,000 bpd

Kazakhstan: +10,000 bpd

Saudi Arabia's increase is mostly "paper" - the kingdom was forced to cut actual production by 23% in March (to 7.8 million bpd) due to shipping constraints in the Strait of Hormuz.

The UAE is no longer part of this decision after officially leaving OPEC and OPEC+ on May 1.

Analysis

Saudi Rift, Iran War and Hormuz Trap: Factors That May Have Pushed UAE to Quit OPEC

28 April, 16:02 GMT

The next meeting of the seven OPEC+ countries (Russia, Saudi Arabia, Iraq, Algeria, Kuwait, Kazakhstan, and Oman) will be held on June 7, the OPEC said following Sunday's meeting.

"The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 7 June 2026," the statement read.