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Seven key OPEC+ producers have agreed to increase oil production by a combined 188,000 barrels per day (bpd) in August 2026, while reaffirming their commitment to maintaining stability in the global crude market amid evolving demand and supply dynamics.
The decision was taken through a virtual meeting by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, the group of countries that had earlier announced additional voluntary production adjustments in April and November 2023. According to the official statement, the participating countries reviewed global market conditions and the overall outlook before deciding to proceed with the next phase of easing their voluntary production cuts. "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," the statement said. As per the production schedule for August 2026, Saudi Arabia and Russia will each raise output by 62,000 bpd, the largest increase among the participating countries. Iraq will increase production by 26,000 bpd, followed by Kuwait with 16,000 bpd, Kazakhstan with 10,000 bpd, Algeria with 6,000 bpd, and Oman with 5,000 bpd. Following the adjustment, Saudi Arabia's required production level will stand at 10.416 million bpd, Russia at 9.887 million bpd, Iraq at 4.405 million bpd, Kuwait at 2.660 million bpd, Kazakhstan at 1.618 million bpd, Algeria at 1.001 million bpd, and Oman at 836,000 bpd. The seven countries emphasised that the production increases remain conditional and can be modified depending on market developments. The producers also reiterated the importance of maintaining flexibility in implementing production policy, including the ability to increase, pause or reverse the phase-out of voluntary output adjustments if required to support market stability. The statement noted that the latest production adjustment would also enable participating countries to accelerate compensation for previous overproduction and reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation and all additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC). The seven OPEC+ producers further confirmed their intention to fully compensate for any excess production since January 2024 and said they would continue holding monthly meetings to assess market conditions, production conformity and compensation efforts. Their next meeting is scheduled for August 2, 2026. At the time of filing this report, Brent crude was trading at USD 71.73 per barrel, down 0.51%, while crude oil was trading at USD 68.44 per barrel, down 0.47%. (ANI)
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