ERBIL, Kurdistan Region of Iraq - OPEC+ said Sunday that Iraq and six other members have agreed to implement a “production adjustment of 188,000 barrels per day” starting June 2026 to support market stability.

The group consisting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, will “closely monitor and assess market conditions” and retain flexibility to adjust output, with monthly reviews and the next meeting set for June 7.

Established in 1960 in Baghdad, the Organization of the Petroleum Exporting Countries (OPEC), is an international intergovernmental body of oil producers. It regulates the price of oil, by coordinating and dictating the production level of its members, which account for nearly 40 percent of the world's crude production.

On Tuesday, the United Arab Emirates (UAE), which was the fourth biggest producer in OPEC+, announced that it will exit the OPEC and OPEC+ oil cartels starting May 1, in a shift to focus on advancing its “national interests.”

The decision came following a “comprehensive review” of the country’s production policy, and its current and future capacity,“particularly given the ongoing near-term geopolitical volatility stemming from disruptions in the Arabian Gulf and the Strait of Hormuz, which are impacting supply dynamics,” the Emirati energy ministry said at the time.

The UAE’s oil production was cut in half last month due to the US-Israeli war on Iran and its economic impacts, recording 2.2 million barrels per day, down from over four million before the conflict and the closure of the vital Strait of Hormuz.

The country officially aims to boost production capacity to five million barrels per day by 2027.