Under the OPEC+ framework, seven members—Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Algeria and Oman—agreed to raise their crude production cap by 188,000 barrels per day from July. The statement said members reaffirmed the need for caution and retain full flexibility to increase, pause or reverse voluntary output adjustments. The seven will meet again on July 5.

2026-06-07

Under the OPEC+ framework, seven members—Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Algeria and Oman—agreed to raise their crude production cap by 188,000 barrels per day from July. The statement said members reaffirmed the need for caution and retain full flexibility to increase, pause or reverse voluntary output adjustments. The seven will meet again on July 5.