The seven OPEC+ countries, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually on August 2, 2026, to evaluate the current global market conditions and future outlook. These nations had previously declared additional voluntary production adjustments in April and November 2023.

In a concerted effort to bolster stability within the oil market, the participating countries have resolved to implement a production adjustment of 188,000 barrels per day. This adjustment stems from the additional voluntary changes announced earlier in April 2023 and is scheduled to take effect in September 2026, as outlined in the accompanying table.

The countries emphasized that this measure will enable them to expedite their compensation efforts. They reaffirmed their unwavering commitment to the Declaration of Cooperation, which includes adhering to the additional voluntary production adjustments. These adjustments will be closely monitored by the Joint Ministerial Monitoring Committee (JMMC). Furthermore, the countries pledged to fully compensate for any excess production that has occurred since January 2024.

OPEC+ countries have agreed to continue holding monthly meetings to assess market conditions, with the next meeting slated for September 6, 2026. These regular evaluations are part of their ongoing strategy to maintain market equilibrium and ensure compliance with agreed-upon production levels.