The seven OPEC+ member countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—which had previously announced additional voluntary adjustments in April and November 2023, held a virtual meeting on July 5, 2026, to review oil market developments and future outlook.

In line with their commitment to supporting oil market stability, the seven participating countries decided to implement an adjustment in production levels of 188,000 barrels per day from the total additional voluntary adjustments announced in April 2023. This adjustment is scheduled to be applied in August 2026, as outlined in the table below.

Follow the story: Saudi Arabia and 6 countries agree to raise production by 188,000 barrels per day and reaffirm commitment to oil market stability.

It is noted that the additional voluntary adjustment amounts announced in April 2023 may be partially or fully restored gradually, depending on market variables.

The 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, halting, or reversing the gradual return of voluntary production adjustments, including reversing the previous voluntary adjustments announced in November 2023. They also noted that this measure will provide an opportunity for participating countries to accelerate the compensation process.

The seven countries reaffirmed 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 confirmed their intention to fully compensate for any overproduction since January 2024.

The seven countries will hold monthly meetings to follow up on market developments, compliance levels, and implementation of compensation plans. The next meeting is scheduled for August 2, 2026.

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