OPEC+ Countries Adjust Production, Reaffirm Commitment to Market Stability

The seven OPEC+ countries met virtually on August 2nd to review global market conditions and outlook. The group, consisting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, reaffirmed their commitment to supporting oil market stability. As part of this effort, they decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.

This adjustment will take effect in September 2026. The participating countries also noted that this measure will provide an opportunity for them to accelerate their compensation. They reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments.