OPEC+ Countries Implement Production Adjustment to Support Oil Market Stability
On August 2, 2026, OPEC+ countries met virtually to review global market conditions and outlook.
The seven participating countries - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - reaffirmed their commitment to oil market stability and agreed to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.
This measure will be implemented in September 2026, as detailed in the table below. The participating countries also noted that this opportunity will allow them to accelerate their compensation for any overproduced volume since January 2024.
The OPEC+ countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation and confirmed their intention to fully compensate for any overproduced volume.