Seven key members of the OPEC+ alliance on Saturday agreed to increase crude oil production by 188,000 barrels per day (bpd) from August 2026continuing the group’s gradual rollback of voluntary output cuts while reaffirming its commitment to maintaining stability in the global oil market.
The decision was taken during a virtual meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. These countries have been implementing additional voluntary production adjustments since April 2023 as part of broader efforts to balance global oil supply and demand.
In an official statement, OPEC+ said the latest production adjustment reflects the participating countries’ collective commitment to supporting market stability while allowing for a gradual return of previously curtailed output. The alliance stressed that the pace of future increases will remain dependent on evolving market conditions and can be increased, paused or reversed if necessary.
The additional 188,000 bpd increase follows similar monthly adjustments approved in recent months as OPEC+ continues unwinding voluntary production cuts introduced to stabilise crude prices during periods of weaker demand and heightened market uncertainty. Analysts view the move as part of the group’s broader strategy to gradually restore supply without triggering excessive price volatility.
The seven producers also reiterated their commitment to full compliance with the Declaration of Cooperation and pledged to compensate for any overproduction recorded since January 2024. OPEC+ said the compensation mechanism remains an important element of maintaining discipline among participating countries and ensuring market confidence.
Energy markets have shown signs of stabilisation in recent weeks following disruptions linked to geopolitical tensions in the Middle East. While oil prices remain sensitive to developments affecting global supply chains, OPEC+ said it would continue to closely monitor market fundamentals before taking any further production decisions.
The alliance confirmed that the seven participating countries will continue holding monthly meetings to assess market conditions, production conformity and compensation commitments. Their next meeting has been scheduled for August 2, 2026when members will review whether additional production adjustments are warranted.
The latest increase is expected to be closely watched by global energy markets, refiners and major oil-importing countries, including India, as changes in OPEC+ production policy often influence international crude prices and fuel costs worldwide.
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