Seven OPEC+ countries decided to increase their production quotas by 188 thousand barrels per day starting July, 2026.
After holding a virtual meeting on Sunday to review global market conditions, OPEC+ said in a statement that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.
“The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner,” the statement read.
The statement added, “The countries will continue to closely monitor and assess market conditions in their continuous efforts to support market stability,” reaffirming the need to adopt a cautious approach and retain full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments.
OPEC+ countries also confirmed their intention to fully compensate for any overproduced volume since January 2024 and that the compensation period will be extended until the end of December 2026. EIR
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