Seven OPEC+ countries have agreed to increase oil production by 188,000 barrels per day in August 2026 as part of a gradual easing of the additional voluntary output cuts introduced in 2023.
The decision was reached during a virtual meeting held on 5 July by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to review global oil market conditions and outlook.
The producers said the output adjustment forms part of the additional voluntary production cuts announced in April 2023 and is aimed at supporting stability in the global oil market.
The group noted that the production increases could be adjusted depending on market conditions, stressing that the additional voluntary cuts may be reversed in part or in full if necessary.
It added that participating countries would retain the flexibility to increase, pause or reverse the phase-out of production adjustments, including those introduced in November 2023.
The countries said the latest move would also allow members to accelerate compensation for previous overproduction.
They reaffirmed their commitment to full compliance with the Declaration of Cooperation and pledged to compensate for any excess production recorded since January 2024.
Compliance with the agreed production levels will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).
The seven OPEC+ producers also agreed to continue holding monthly meetings to assess market conditions, review conformity with production targets and monitor compensation efforts.
Their next meeting is scheduled for 2 August 2026.
