Seven core members of OPEC+ have agreed to implement a crude oil production adjustment of 188,000 barrels per day (bbl/d) for August 2026, according to a release by the Organization of the Petroleum Exporting Countries (OPEC). OPEC+ is an alliance between the core OPEC and a broader group of non-OPEC oil-exporting countries.

The decision follows a virtual meeting between Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman on July 5, 2026, to assess global oil market conditions and outlooks.

This increase matches the hike agreed for June, which was revised down from an initial 206,000 bbl/d following the UAE exit from the group in May.

(Photo source: OPEC)

This measure will provide an opportunity for the participating countries to accelerate their compensation, the seven countries noted during the meeting.

They also noted that 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.

In the meantime, the alliance will continue to closely monitor and assess market conditions and have regular monthly meetings, starting on 2 August 2026.