Seven OPEC+ member countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on July 5, 2026, to review oil market developments and agreed to increase production by 188,000 barrels per day (bpd) in August. This adjustment is part of the gradual rollback of additional voluntary production cuts announced in April and November 2023.
Production adjustment details
The participating countries decided to implement a production increase of 188,000 bpd from the total additional voluntary adjustments announced in April 2023, effective August 2026. The measure aims to support oil market stability while monitoring global conditions. The additional voluntary cuts may be gradually reinstated, either partially or fully, depending on market conditions.
The countries reaffirmed the importance of a cautious approach and maintaining full flexibility to increase, halt, or reverse the gradual rollback of voluntary production adjustments, including reversing the previous voluntary adjustments announced in November 2023.
Compensation and compliance
The seven OPEC+ nations noted that this measure will provide an opportunity to accelerate the compensation process for overproduction. They reiterated their commitment to the Declaration of Cooperation, including the additional voluntary adjustments, with compliance monitored by the Joint Ministerial Monitoring Committee. The countries also affirmed their intention to fully compensate for overproduction since January 2024.
Monthly meetings will be held to monitor market developments, compliance levels, and the implementation of compensation plans. The next meeting is scheduled for August 2, 2026.
