While maintaining a cautious approach with flexibility to pause or reverse cuts, seven participating oil-producing OPEC+ countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – have sealed a deal to adjust their production cuts to ensure the stability of oil markets.
The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, met virtually on July 5, 2026, to review global market conditions and outlook, reaffirming their collective commitment to support oil market stability.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023. The adjustment will be implemented in August 2026.
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The organization emphasized: “The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.”
The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions in a gradual manner. The seven OPEC+ countries also noted that their measure will provide an opportunity for the participating countries to accelerate their compensation.
The seven countries reiterated their collective commitment to achieve full conformity with the declaration of cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
These OPEC+ countries confirmed their intention to fully compensate for any overproduced volume since January 2024. The seven nations will hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting on the agenda for August 2, 2026.