Economy

OPEC+ Raises Production by 188,000 Barrels per Day

Madinah - Jeddah

Published: July 05, 2026 23:23 KSA

Seven countries in the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and partners including Russia, have agreed on a new increase in oil production quotas by 188,000 barrels per day, starting from next August.

The seven countries are: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. A press statement explained: 'As part of their collective commitment to supporting oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will begin in August 2026. The statement confirmed that the additional voluntary adjustments announced in April 2023 can be partially or fully restored, depending on market conditions and in a gradual manner.'

The seven countries, according to the statement, will continue to closely monitor and assess market conditions. Within their ongoing efforts to support market stability, they reaffirmed the importance of a cautious approach and maintaining full flexibility to increase, stop, or cancel voluntary production adjustments, including canceling previously implemented voluntary adjustments announced in November. The seven countries reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments to be monitored by the Joint Ministerial Monitoring Committee. They also confirmed their determination to fully compensate for any production overhang since January 2024. The seven participating countries in the OPEC+ alliance are scheduled to hold their next meeting on August 2.

OPEC Plus Alliance OPEC