Riyadh: The seven OPEC+ nations of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting on July 5, 2026, to assess the current global market conditions and the outlook for the oil industry.

According to Saudi Press Agency, these countries, which had previously announced additional voluntary production adjustments in April and November 2023, have decided to make a further production adjustment. This adjustment involves a reduction of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023, set to be implemented in August 2026.

The voluntary adjustments announced earlier may be partially or fully reversed depending on evolving market conditions. The countries emphasized their commitment to closely monitoring market dynamics and maintaining flexibility in their approach to production adjustments. This includes the possibility of increasing, pausing, or reversing the phase-out of voluntary production adjustments, with a potential reversal of the adjustments announced in November 2023.

The seven OPEC+ countries highlighted the opportunity this measure presents for accelerated compensation among participating nations. They reiterated their commitment to achieving full compliance with the Declaration of Cooperation, which includes the additional voluntary production adjustments. These adjustments will be monitored by the Joint Ministerial Monitoring Committee (JMMC), and the countries confirmed their intention to compensate fully for any overproduction since January 2024.

The participating countries will convene monthly to review market conditions, conformity, and compensation, with their next meeting scheduled for August 2, 2026.