OPEC said in a communique on Sunday that seven OPEC+ countries decided to increase their oil production cap by 188,000 barrels per day in June, in response to the withdrawal of the United Arab Emirates from the bloc.

The seven countries -- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman -- made the decision during a virtual meeting on Sunday to review global market conditions and outlook.

The increase, which will be implemented in June 2026, is part of adjustments to the additional voluntary production cuts first announced in April 2023.

The group said the voluntary adjustments could be returned gradually, either in part or in full, depending on market developments.

Reaffirming their commitment to oil market stability, the countries stressed the need for a cautious and flexible approach, noting that production levels could be increased, paused or reversed as necessary, including adjustments introduced in November 2023.

The seven countries also said the move would provide an opportunity to accelerate compensation for any overproduction since January 2024.

They reiterated their commitment to full compliance with the Declaration of Cooperation, with output levels to be monitored by the Joint Ministerial Monitoring Committee.

DESCRIPCIÓN DE IMÁGENES

Beijing, China - May 3, 2026 (CCTV - No access Chinese mainland)

1. Screenshot of statement by Organization of the Petroleum Exporting Countries (OPEC)

FILE: Vienna, Austria - Date Unknown (CCTV - No access Chinese mainland)

2. Various of exterior of OPEC headquarters

FILE: Saudi Arabia - Date Unknown (CCTV - No access Chinese mainland)

3. Various of oil processing facilities

4. Gas flaring

FILE: Iraq - March 7, 2016 (CCTV - No access Chinese mainland)

5. Various of oil refineries

FILE: Kuwait - Aug 7, 2017 (CCTV - No access Chinese mainland)

6. Various of oil drilling rig

FILE: Kharg Island, Iran - 2016-2018 (CGTN - No access Chinese mainland/Al-Arabiya/Persian language TV Stations outside Iran. Strictly No Access BBC Persian/VOA Persian/Manoto TV/Iran International/Radio Farda)

7. Various of Kharg Island; oil refinery, facility

FILE: Strait of Hormuz - Date Unknown (NNC - No access Chinese mainland/Al-Arabiya/Persian language TV Stations outside Iran. Strictly No Access BBC Persian/VOA Persian/Manoto TV/Iran International/Radio Farda)

8. Various of ships sailing in Strait of Hormuz