The seven OPEC+ countries, which previously announced additional voluntary production adjustments in April and November 2023 — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — met virtually Aug. 2, 2026, to review global market conditions and the outlook ahead, according to opec.org.

As part of their collective commitment to support oil market stability, the seven countries decided to implement a production adjustment of 188,000 barrels per day, drawn from the additional voluntary adjustments announced in April 2023. The adjustment will take effect in September 2026, according to a table detailing the changes.

The countries said the move will give participating nations an opportunity to accelerate compensation for past overproduction. They reiterated their collective commitment to full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee. The countries also confirmed their intention to fully compensate for any overproduced volume dating to January 2024.

The seven OPEC+ nations will continue holding monthly meetings to review market conditions. Their next meeting is scheduled for Sept. 6, 2026.