On June 7, 2026, OPEC announced that seven of its member nations—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—will collectively increase their daily oil production by 188,000 barrels starting in July. This decision is part of their commitment to support stability in the oil market, following voluntary adjustments made in April 2023. The countries emphasized the need for a cautious approach, allowing for flexibility to increase or reverse production adjustments based on market conditions. They also confirmed their intention to compensate for any overproduced volumes from January 2024 until the end of December 2026. Specific production quotas for July were set, with Russia at 9.5824 million barrels per day and Saudi Arabia at 10.1353 million barrels per day, among others. The next OPEC+ meeting is planned for July 5, 2026, to further discuss production strategies and market dynamics.