By John Lee.
Seven OPEC+ member countries have agreed to implement a production adjustment of 188,000 barrels per day (bpd) from their additional voluntary cuts, effective September 2026. The decision was taken at a virtual meeting on Saturday, which was attended by Iraq's Ministry of Oil.
The seven countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
They also confirmed their intention to fully compensate for any overproduced volumes since January 2024, with the Joint Ministerial Monitoring Committee (JMMC) tasked with monitoring conformity.
The group will continue to hold monthly meetings, with the next scheduled for 6 September 2026.
Full statement from OPEC:
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability
The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 2 August 2026, to review global market conditions and outlook.
In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in September 2026 as detailed in the table below.
The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The seven OPEC+ countries will continue to hold monthly meetings to review market conditions. The next meeting will be held on 6 September 2026.
(Sources: OPEC / Ministry of Oil)
No comments yet.