OPEC+ adjusts August production, reaffirms stability commitment; next meet August 2

The seven OPEC+ countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on July 5, 2026, to review global oil market conditions and outlook, and agreed to a production adjustment of 188,000 barrels per day (bpd) from the additional voluntary cuts first announced in April 2023.

The adjustment will take effect in August 2026. Based on the group's established production schedule for these monthly adjustments, the breakdown is expected to be: Saudi Arabia 62,000 bpd, Russia 62,000 bpd, Iraq 26,000 bpd, Kuwait 16,000 bpd, Kazakhstan 10,000 bpd, Algeria 6,000 bpd, and Oman 5,000 bpd.

Also read: OPEC+ tipped to raise quotas again as Middle East calms


In its statement, OPEC said the April 2023 voluntary adjustments "may be returned in part or in full subject to evolving market conditions and in a gradual manner." The seven countries reaffirmed the importance of a cautious approach and said they retain full flexibility to increase, pause, or reverse the phase-out of the voluntary cuts, including reversing the adjustments announced in November 2023.

The group added that the latest move gives participating countries an opportunity to accelerate compensation for past overproduction. It reiterated its collective commitment to full conformity with the Declaration of Cooperation, with compliance to be monitored by the Joint Ministerial Monitoring Committee (JMMC). The seven countries also confirmed their intention to fully compensate for any overproduced volumes since January 2024.

Also read: OPEC again lowers 2026 global oil demand growth forecast

OPEC+ will continue to hold monthly meetings to review market conditions, conformity, and compensation. The seven countries are scheduled to meet next on August 2, 2026.