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Informist, Monday, Jun. 8, 2026

 

MUMBAI – Seven member countries of the Organization of the Petroleum Exporting Countries and its allies have agreed to implement a production increase of 188,000 barrels per day of crude oil in July from the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023. This marks the fourth consecutive monthly increase, and the magnitude of the increase remains the same as that implemented for June. For June, the organisation had adjusted the monthly increases downwards month-on-month to account for the United Arab Emirates's exit on May 1. 

 

The seven countries, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, will continue to closely monitor and assess market conditions. To support market stability, the seven countries reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause, or reverse the voluntary production adjustments, including the previously implemented adjustments announced in November 2023.

 

The countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the joint ministerial monitoring committee, they said. 

 

They also confirmed their intention to fully compensate for any overproduced volume since January 2024, the organisation said. The compensation period will be extended until the end of December 2026, it said. The seven counties will meet again on Jul. 5.

 

The following table shows the required production by each of the seven member nations, in thousand barrels per day:

 

Country	Required production in July (kbd)	Required production in June (kbd)
Algeria	995	989
Iraq	4,378	4,352
Kuwait	2,644	2,628
Saudi Arabia	10,353	10,291
Kazakhstan	1,608	1,599
Oman	831	826
Russia	9,824	9,762

 

End

 

US$1 = INR 94.91

 

Reported by Shreya Shetty

Edited by Saji George Titus

 

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