OPEC+ adjusts August production, reaffirms stability commitment; next meet August 2

Seven OPEC+ nations, including Saudi Arabia and Russia, have agreed to a 188,000 barrels per day production adjustment starting August 2026. This move partially unwinds voluntary cuts announced in April 2023, with individual country allocations detailed. The group emphasized a cautious approach, retaining flexibility to alter production based on market dynamics and to compensate for past overproduction.

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