Riyadh: The seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have announced a new production adjustment following a virtual meeting on August 2, 2026. These nations had previously declared additional voluntary adjustments in April and November 2023 to address global market conditions.

According to Saudi Press Agency, the group decided on a production adjustment of 188,000 barrels per day, which will be implemented in September 2026. This move is part of their ongoing efforts to stabilize the oil market. The adjustment aims to support the existing voluntary measures announced in April 2023.

The participating countries emphasized that this adjustment will help accelerate compensation efforts. They reiterated their commitment to the Declaration of Cooperation, ensuring full conformity with their production agreements. The Joint Ministerial Monitoring Committee (JMMC) will oversee the monitoring of these adjustments, and the countries confirmed their intention to fully compensate for any overproduction since January 2024.

The seven OPEC+ countries plan to continue monthly meetings to evaluate market conditions, with the next meeting scheduled for September 6, 2026.