OPEC Plus Nations Announce Production Adjustment for Oil Market Stability*

Riyadh: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman are adjusting production and reaffirming their commitment to the stability of the oil market. The seven member countries of the OPEC Plus group, which includes the Kingdom of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, had previously announced additional voluntary adjustments in April and November of 2023. They held a meeting via video conference yesterday, Monday (August 2, 2026), to review the latest developments in the oil market and its future prospects. According to Union of OIC News Agencies, as part of its commitment to supporting the stability of the oil market, the seven participating countries decided to implement an adjustment to production levels, amounting to 188 barrels per day from the total quantities of additional voluntary adjustments announced in April 2023. This adjustment is scheduled to be implemented in September 2026. The seven member countries of the OPEC+ group also noted that this meas ure will provide an opportunity for participating countries to accelerate the compensation process. The countries renewed their commitment to the Declaration of Cooperation, including additional voluntary adjustments, compliance with which will be monitored by the Joint Ministerial Monitoring Committee. The countries affirmed their intention to fully compensate for excess production volumes since January 2024. The seven countries will continue to hold monthly meetings to monitor market developments, with the next meeting scheduled for September 6, 2026.