Muscat – The seven OPEC+ countries implementing additional voluntary production adjustments, including Oman, have agreed to increase oil production by 188,000 barrels per day (bpd) in August 2026, following a review of global oil market conditions and outlook.

The decision was taken during a virtual meeting held on July 5 by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which had previously announced additional voluntary production adjustments in April and November 2023.

In a joint statement, the participating countries said the production increase forms part of the gradual return of the additional voluntary adjustments announced in April 2023 and reflects their continued commitment to supporting oil market stability.

The group noted that the additional voluntary adjustments may be returned in part or in full depending on evolving market conditions and will continue to be implemented in a gradual manner.

The seven countries reaffirmed the importance of maintaining a cautious approach and retaining full flexibility to increase, pause or reverse the phase-out of voluntary production adjustments, including reversing previously implemented adjustments announced in November 2023, if market conditions require.

The producers also said the latest production adjustment would provide participating countries with an opportunity to accelerate compensation for previous overproduction.

They reiterated their commitment to achieving full conformity with the Declaration of Cooperation, including compliance with the additional voluntary production adjustments, which will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).

The countries also confirmed their intention to fully compensate for any overproduced volumes recorded since January 2024.

The seven OPEC+ members agreed to continue holding monthly meetings to review market conditions, production conformity and compensation mechanisms. Their next meeting is scheduled for August 2.