Link Securities | The seven countries of the OPEC+ alliance, which had previously announced voluntary oil production cuts in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, held a meeting yesterday, Sunday, to review global market conditions and their outlook. In their collective commitment to supporting market stability, the seven participating countries decided to implement a production increase of 188,000 barrels per day from the additional voluntary adjustment announced in April 2023. This adjustment will be implemented in June 2026. The additional voluntary adjustments announced in April 2023 may be partially or fully restored, depending on how market conditions evolve and on a gradual basis.
OPEC+ to increase production in June by 188,000 bpd from additional voluntary cut announced in April 2023
