The seven OPEC+ members implementing voluntary production cuts agreed to increase production by 188,000 barrels per day in June, according to a statement released on May 3. The seven countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — will meet again on June 7.

Observers had speculated that Kazakhstan and Iraq could exit OPEC+ due to concerns that their production capacity was not accurately reflected in calculations of mandatory production cuts.