Muscat – The seven OPEC+ countries implementing additional voluntary production adjustments, including Oman, have agreed to increase oil production by 188,000 barrels per day (bpd) in August 2026, following a review of global oil market conditions and outlook. The decision was taken during a virtual meeting held on July 5 by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which had previously announced additional voluntary production adjustments in April and November 2023. Oman is set to increase its output by 5,000 barrels per day, bringing its total required production level to 836,000 barrels per day. In a joint statement, the participating countries said the production increase forms part of the gradual return of the additional voluntary adjustments announced in April 2023 and reflects their continued commitment to supporting oil market stability. The group noted that the additional voluntary adjustments may be returned in part or in full depending on evolving market conditions and will continue to be implemented in a gradual manner. The seven countries reaffirmed the importance of maintaining a cautious approach and retaining full flexibility to increase, pause or reverse the phase-out of voluntary production adjustments, including reversing previously implemented adjustments announced in November 2023, if market [...]
