OPEC+ increases oil production quota to stabilize market

The Organization of the Petroleum Exporting Countries (OPEC+) has decided to increase the oil production quota of member countries to stabilize the global oil market. This decision follows a virtual meeting held on May 3, 2026, where key countries like Saudi Arabia, Russia, and Iraq agreed to adjust production levels. An adjustment of 188,000 barrels per day will be implemented in June 2026, allowing participating countries to accelerate compensation for any overproduction since January 2024.