Vienna: The seven member countries of the OPEC+ alliance implementing voluntary production adjustments have sanctioned an output increase of 188,000 barrels per day from the total additional cuts announced in April 2023. The adjustment is set to take effect in July 2026 as part of their commitment to supporting petroleum market stability.

According to Oman News Agency, Saudi Arabia's output will rise by 62,000 barrels per day, bringing its required production to 10,353 million barrels per day, as stated in an OPEC declaration. Russia's production is scheduled to increase by 62,000 barrels per day, Iraq's by 26,000, Algeria's by 6,000, Kuwait's by 16,000, and Kazakhstan's by 10,000.

The countries mentioned that the additional voluntary adjustments announced in April 2023 may be partially or fully restored gradually, contingent on market conditions. The seven members emphasized the importance of a cautious approach and maintaining full flexibility, allowing for the increase, suspension, or reversal of the gradual restoration of voluntary production adjustments.

This measure will provide participating countries an opportunity to expedite the compensation process, as stated by the group, reiterating their commitment to the Declaration of Cooperation. Compliance will be monitored by the Joint Ministerial Monitoring Committee. The countries also affirmed their determination to fully compensate for excess production volumes since January 2024, extending the compensation period until the end of December 2026.

The seven members will convene monthly meetings to monitor market developments, compliance levels, and compensation plans. The next meeting is scheduled for 5 July 2026.