The seven member countries of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) that announced additional voluntary oil production cuts in April and November 2023—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman—held a virtual meeting on Sunday, July 5, 2026, to assess developments in the international oil market and review the outlook for the coming months.
The seven OPEC+ countries maintaining additional voluntary production cuts agreed to accelerate the gradual restoration of oil supply from August 2026 by approving a combined production increase of 188,000 barrels per day (bpd). The decision reflects the group’s assessment that current market conditions allow for a further easing of production cuts without undermining the alliance’s primary objective of maintaining market stability.
Under the agreement, Saudi Arabia and Russia will lead the production increase, each adding 62,000 bpd, followed by Iraq with 26,000 bpd, Kuwait with 16,000 bpd, Kazakhstan with 10,000 bpd, Algeria with 6,000 bpd, and Oman with 5,000 bpd. Following the adjustment, the combined required production of the seven countries will reach 30.823 million barrels per day. Saudi Arabia will remain the group’s largest producer at 10.416 million bpd, followed by Russia at 9.887 million bpd and Iraq at 4.405 million bpd.
The decision marks another step in the gradual unwinding of the additional voluntary production cuts announced in April 2023. OPEC+ stressed that the pace of restoring supply will continue to depend on international market conditions and may be accelerated, paused or even partially or fully reversed if necessary.
In addition to the gradual production increase, the seven OPEC+ members noted that the higher production quotas will provide an opportunity to accelerate compensation for volumes produced above agreed levels. The countries reaffirmed their collective commitment to full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments, whose implementation will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC). Members also confirmed their intention to fully compensate for any overproduction recorded since January 2024.
Monitoring compliance with production targets will remain the responsibility of the JMMC, which will continue to assess members’ adherence to quotas and evaluate the impact of production decisions on the global oil market. The committee will also oversee compensation plans submitted by countries that exceeded their production targets.
As part of the new monitoring framework, the seven countries agreed to hold monthly meetings to review market conditions, production quota compliance and the implementation of compensation mechanisms. The next ministerial meeting has been scheduled for August 2, 2026, when ministers will reassess market conditions and decide whether to continue, suspend or reverse the gradual production increase.
Source: O Telegrama
