RIYADH: The seven OPEC+ members have agreed to raise oil production by 188,000 barrels per day in August as part of the gradual unwinding of voluntary output cuts introduced in 2023.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on July 5, 2026, to review global market conditions and outlook, said a statement carried by the Saudi Press Agency (SPA) on Sunday.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability
Read Press Release▶️https://t.co/dyMd6A6Fpj
— OPEC (@OPECSecretariat) July 5, 2026
The participating nations said the decision reflects their continued commitment to supporting oil market stability while responding to evolving global market conditions.
The increase forms part of the additional voluntary production adjustments first announced in April 2023. The group said the cuts could continue to be phased out gradually, either in part or in full, depending on market conditions.
The producers emphasised they would maintain a cautious and flexible approach, retaining the option to increase, pause, or reverse the production adjustment process, including reversing the phase-out of voluntary cuts announced in November 2023 if necessary.
The seven countries also said the production increase would help participating members accelerate compensation for previous overproduction.
They reaffirmed their commitment to full compliance with the OPEC+ Declaration of Cooperation and pledged to fully compensate for any excess production recorded since January 2024 under the oversight of the Joint Ministerial Monitoring Committee (JMMC).
The group said it will continue holding monthly meetings to assess market conditions, production compliance, and compensation efforts. The next meeting is scheduled for August 2, 2026.
