Seven OPEC+ producers will apply a 188,000 barrel-a-day adjustment to their 2023 voluntary supply cuts starting in August 2026, OPEC said after the group met virtually on July 5, 2026. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman are the countries involved.
The August adjustment
The change applies to the additional voluntary adjustments the same seven countries first announced in April 2023. OPEC said those cuts may be returned in part or in full as market conditions evolve, and that any change will happen gradually. The group affirmed it will keep the flexibility to increase, pause or reverse the phase-out of the voluntary adjustments, including a separate round of cuts the same countries announced in November 2023.
Compensation for overproduction
OPEC said the August move also gives the seven countries a chance to speed up compensation for output that ran above their agreed levels. The group reiterated its commitment to full conformity with the Declaration of Cooperation and confirmed it intends to fully offset any barrels produced above target since January 2024. Conformity will be tracked by the Joint Ministerial Monitoring Committee; compensation will be reviewed through the seven countries' own monthly meetings.
Monthly reviews, next meeting August 2
The seven countries will meet monthly to check on market conditions, conformity and compensation, with the next session set for August 2, 2026. The announcement came with oil trading near $84.65 a barrel as of June 15, 2026, according to the EIA.
