The seven OPEC+ members – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – held a virtual meeting on Sunday to review oil market conditions and future prospects, according to a statement.
The countries, which had previously announced additional voluntary production cuts in April and November 2023, agreed to increase output by 188,000 barrels per day (bpd) in September 2026. The increase forms part of the gradual unwinding of the voluntary cuts first announced in April 2023.
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The group said the production adjustment would also allow participating countries to accelerate compensation for previous overproduction.
The seven countries reaffirmed their commitment to the OPEC+ Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC). They also reiterated their commitment to fully compensate for excess production dating back to January 2024.
