Seven Opec+ members have agreed to raise oil production by 188,000 barrels per day in August 2026 as part of a gradual adjustment to the additional voluntary output cuts introduced in April 2023.

The decision was reached during a virtual meeting on July 5  involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.

The group said the increase reflects its continued commitment to supporting oil market stability while retaining flexibility to respond to changing market conditions.

It stressed that production adjustments could be increased, paused or reversed if required, including changes linked to voluntary cuts announced in November 2023.

The countries also reaffirmed their commitment to full compliance with the Opec+ Declaration of Cooperation and pledged to compensate for any excess production since January 2024.

Monthly meetings will continue to assess market conditions, production conformity and compensation, with the next gathering scheduled for August 2, 2026. -OGN/TradeArabia News Service