RIYADH — Seven OPEC+ countries agreed on Sunday to increase oil production by 188,000 barrels per day (bpd) in August 2026. The decision was reached during a virtual meeting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to review global oil market conditions and the outlook. The production adjustment stems from the additional voluntary cuts announced in April 2023 and will take effect in August. The participating countries said the pace of restoring production remains subject to evolving market conditions and could be adjusted, paused or reversed if necessary. **media[2732541]** The group reaffirmed its commitment to supporting oil market stability through a cautious and flexible approach, including the option of reversing previously implemented voluntary production increases linked to the November 2023 adjustments. The seven countries also said the latest production increase would provide an opportunity to accelerate compensation for previous overproduction. They reiterated their commitment to achieving full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC), and confirmed their intention to fully compensate for any production exceeding agreed levels since January 2024. The participating countries agreed to continue holding monthly meetings to review market conditions, production conformity and compensation efforts.The next meeting is scheduled for Aug. 2, 2026.
