OPEC+ member countries adjust production, reaffirm commitment to oil market stability
RIYADH: The seven OPEC+ member countries, including Saudi Arabia, Russia, Iraq, and Kuwait, as well as Kazakhstan, Algeria, and Oman, which had previously announced additional voluntary production adjustments in April and November 2023, held a virtual meeting on July 5 to review the latest developments and outlook for the oil market.
In line with their commitment to supporting oil market stability, the seven participating countries decided to implement an adjustment to production levels of 188,000 barrels per day from the total additional voluntary adjustments announced in April 2023. This adjustment is scheduled to take effect in August.
The additional voluntary adjustments announced in April 2023 may be gradually reinstated, either partially or fully, depending on market conditions. The participating countries will continue to closely monitor and assess market conditions.
As part of their ongoing efforts to support market stability, the seven countries reaffirmed the importance of adopting a cautious approach and maintaining full flexibility to increase, halt, or reverse the gradual rollback of voluntary production adjustments, including reversing the previous voluntary adjustments announced in November 2023.
