OPEC: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman Committed to Market Stability

Baghdad-INA

The Organization of the Petroleum Exporting Countries (OPEC) confirmed on Sunday that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman are committed to market stability.

The organization said in a statement that the seven countries are committed to stabilizing the market and are adjusting their production.

It added that the seven countries decided to adjust production by 188,000 barrels per day as part of their commitment to supporting oil market stability, noting that the production adjustment will take effect in June 2026.