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Informist, Monday, Jul. 6, 2026

MUMBAI – The seven member countries of the Organization of the Petroleum Exporting Countries and its allies decided Sunday to increase their collective production of crude oil by 188,000 barrels per day in August from 1.65 million barrels per day of additional voluntary adjustments announced in April 2023, it said in a release. This is the fifth consecutive months of increase in production, with the magnitude of increase unchanged from the one announced last month.

The seven countries, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met on Sunday and decided to continue monitoring and assessment of market conditions.

"The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023," the release said.

Saying that the increase in crude output will provide an opportunity for the participating countries to accelerate their compensation, the release added that the seven member countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee.

The countries also confirmed their intention to fully compensate for any overproduced volume since January 2024. The seven countries will meet again on Aug. 2.

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

End

US$1 = INR 95.21

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Abhijit Doshi

Edited by Akul Nishant Akhoury

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