OPEC: Decides to Implement a 188,000 bpd Production Adjustment, Will Meet Again on June 7th

BlockBeats News, May 3rd. OPEC released a statement on May 3, 2026. On the same day, the seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) held a meeting online to review the global market situation and outlook.

The seven participating countries have decided to implement a production adjustment of 188,000 barrels per day on top of the additional voluntary adjustment announced in April 2023. This adjustment will take effect in June 2026. The seven countries will convene again on June 7th. (FXStreet)