The seven countries participating in OPEC+'s additional voluntary production cuts announce adjustments to their oil production levels for September 2026

Vienna, Aug 2 (KUNA) -- The seven countries participating in the additional voluntary production cuts within the OPEC+ alliance, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman, announced on Sunday their agreement to adjust their oil production levels for September 2026, in line with their joint commitment to supporting the stability of global oil markets.

In a press statement following their meeting held via video conferencing, the seven countries reviewed the state of the global oil market and its future prospects, reaffirming their continued commitment to maintaining market stability. They decided to implement a production adjustment of 188,000 barrels per day from the total additional voluntary cuts previously announced in April 2023. The decision will take effect in September, according to the agreed timeline.

The statement clarified that this step will allow participating countries the opportunity to accelerate the implementation of plans to compensate for excess production volumes. It reaffirmed the full commitment of the seven countries to achieving complete compliance with the provisions of the Cooperation Declaration, including the additional voluntary cuts monitored by the Joint Ministerial Monitoring Committee (JMMC).

The countries affirmed their resolve to fully compensate for any production volumes exceeding agreed levels since January 2024, thereby strengthening collective commitment to OPEC+ agreements. They noted that they will continue to hold monthly meetings to review developments in the oil market, with the next meeting scheduled for September 6. (End) K.M. / T.A.B.