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

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 additional voluntary cuts first announced in April 2023.

The regulation will come into force in August 2026. According to the production schedule set by the group for these monthly adjustments, the breakdown is expected to be as follows: 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 down

OPEC said in its statement that the voluntary adjustments in April 2023 “may be partially or fully refunded depending on evolving market conditions and gradually.” The seven countries reaffirmed the importance of a cautious approach and said they have full flexibility to phase out, increase, pause or reverse voluntary cuts, including reversing the adjustments announced in November 2023.

The group added that the latest move gives participating countries the opportunity to accelerate compensation for past overproduction. He reiterated the collective commitment to full compliance with the Declaration of Cooperation, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC). The seven countries also confirmed their intention to fully compensate for excess production from January 2024.

Also read: OPEC cuts 2026 global oil demand growth forecast once again
OPEC+ will continue to hold monthly meetings to review market conditions, availability and compensation. The next meeting of the seven countries is scheduled for August 2, 2026.