OPEC+ countries will increase oil production from August 2026. Seven participating countries decided to adjust production in August 2026 in the amount of 188 thousand barrels per day, compared with additional voluntary adjustments announced in April 2023. This was reported on the website of the Cabinet of Ministers of the Russian Federation following the OPEC+ meeting.
These adjustments can be returned depending on changes in market conditions.
The countries confirmed the importance of a cautious approach and remaining flexible to continue, suspend or cancel additional voluntary production adjustments, including previously introduced voluntary adjustments announced in November 2023.
OPEC+ has confirmed its commitment to achieve full compliance with the Declaration of Cooperation, including additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
The intention has been confirmed to fully compensate for any volume of overproduction from January 2024.
