OPEC+ Seven Agree Output Adjustment for June
Seven OPEC+ countries agreed to implement a combined 188,000 barrels per day output adjustment in June to support market stability. Kazakhstan’s production level is set at 1.599 million barrels per day, an increase of 10,000 barrels per day.
Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia held a virtual meeting on May 3 to review global oil market conditions and outlook.
The group confirmed it will proceed with the planned adjustment from the additional voluntary cuts announced in April 2023, according to OPEC.
Participants noted that the April 2023 measures could be gradually adjusted depending on market conditions. They emphasized a cautious and flexible approach, allowing for increases, pauses, or reversals, including those related to November 2023 decisions.
Photo credit: Reuters
