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Seven core members of OPEC+ have agreed to implement a crude oil production adjustment of 188,000 barrels per day (bpd) for August 2026, according to a release by the Organization of the Petroleum Exporting Countries (OPEC). OPEC+ is an alliance between the core OPEC and a broader group of non-OPEC oil-exporting countries.
The decision follows a virtual meeting between Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman on July 5, 2026, to assess global oil market conditions and outlooks.
According to a statement from the group, the additional voluntary production adjustments announced in April 2023 may be partially or fully reinstated gradually, depending on market conditions.
Participating countries will continue to closely monitor and assess market conditions. As part of their ongoing efforts to support market stability, the seven countries reaffirmed the importance of adopting a cautious approach and maintaining full flexibility to allow for increasing, suspending, or reversing the gradual reinstatement of voluntary production adjustments, including reversing the previous voluntary adjustments announced in November 2023.
The seven OPEC+ member countries noted that this measure will provide an opportunity for participating countries to accelerate the compensation process. They reiterated their commitment to the Declaration of Cooperation, including the additional voluntary adjustments, compliance with which will be monitored by the Joint Ministerial Monitoring Committee. The countries affirmed their intention to fully compensate for overproduction since January 2024.
They indicated that they will hold monthly meetings to monitor market developments, compliance levels, and the implementation of compensation plans, with the next meeting scheduled for August 2, 2026.
Logo ofOPEC+
Seven core members of OPEC+ have agreed to implement a crude oil production adjustment of 188,000 barrels per day (bpd) for August 2026, according to a release by the Organization of the Petroleum Exporting Countries (OPEC). OPEC+ is an alliance between the core OPEC and a broader group of non-OPEC oil-exporting countries.
The decision follows a virtual meeting between Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman on July 5, 2026, to assess global oil market conditions and outlooks.
According to a statement from the group, the additional voluntary production adjustments announced in April 2023 may be partially or fully reinstated gradually, depending on market conditions.
Participating countries will continue to closely monitor and assess market conditions. As part of their ongoing efforts to support market stability, the seven countries reaffirmed the importance of adopting a cautious approach and maintaining full flexibility to allow for increasing, suspending, or reversing the gradual reinstatement of voluntary production adjustments, including reversing the previous voluntary adjustments announced in November 2023.
The seven OPEC+ member countries noted that this measure will provide an opportunity for participating countries to accelerate the compensation process. They reiterated their commitment to the Declaration of Cooperation, including the additional voluntary adjustments, compliance with which will be monitored by the Joint Ministerial Monitoring Committee. The countries affirmed their intention to fully compensate for overproduction since January 2024.
They indicated that they will hold monthly meetings to monitor market developments, compliance levels, and the implementation of compensation plans, with the next meeting scheduled for August 2, 2026.
