By John Lee.
The eight OPEC+ countries, including Iraq, have reaffirmed their coordinated approach to oil market stability and announced a collective production adjustment for August 2025.
In a virtual meeting held on 5 July, the group cited healthy market fundamentals and a stable global economic outlook as the basis for a 548,000 barrels per day increase in production from July levels. This adjustment forms part of a phased rollback of the 2.2 million bpd voluntary cuts initially agreed in April and November 2023, and formally endorsed on 5 December 2024.
The phased increases will unfold over four monthly increments, but the group reserved the right to pause or reverse these measures depending on market developments - a move designed to maintain price and inventory stability.
The countries also committed to accelerating compensation for any overproduction since January 2024 and reiterated full compliance with the Declaration of Cooperation. Compliance and market conditions will be monitored through monthly meetings, with the next scheduled for 3 August 2025 to decide on September output levels.
Full statement from OPEC:
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2025, to review global market conditions and outlook.
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 548 thousand barrels per day in August 2025 from July 2025 required production level. This is equivalent to four monthly increments as detailed in the table below. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024.
They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 3 August 2025 to decide on September production levels.
(Source: OPEC Secretariat)
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