The seven OPEC+ producers, which announced additional voluntary production adjustments in April and November 2023, held a virtual meeting on July 5, 2026, to assess global oil market conditions and the outlook, according to opec.org.

To support market stability, the participating countries agreed to implement a production adjustment of 188,000 barrels per day in August 2026 as part of the additional voluntary adjustments announced in April 2023. They emphasized that these voluntary adjustments may be phased out partially or fully, depending on evolving market conditions, and in a gradual manner.

The ministers reaffirmed the importance of maintaining a cautious and flexible approach, allowing the group to increase, pause, or reverse the phase-out of voluntary production adjustments, including those introduced in November 2023, if necessary.

The countries also noted that the latest adjustment would provide an opportunity to accelerate compensation for previous overproduction. They reiterated their commitment to full compliance with the Declaration of Cooperation and the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC). They also pledged to fully compensate for any excess production recorded since January 2024.

The seven OPEC+ countries agreed to continue holding monthly meetings to review market conditions, production conformity, and compensation efforts. Their next meeting is scheduled for August 2, 2026.