Riyadh: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman have reaffirmed their commitment to market stability amid current healthy oil market fundamentals and a steady global economic outlook. The eight OPEC+ countries, which previously announced additional voluntary adjustments in both April and November 2023, conducted a virtual meeting on July 5, 2025, to review global market conditions and their future outlook. According to Saudi Press Agency, the countries involved will implement a production adjustment of 548,000 barrels per day in August 2025, compared to the production levels of July 2025. This adjustment follows the decision made on December 5, 2024, to gradually and flexibly return the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025. The group emphasized that these gradual increases could be paused or reversed based on evolving market conditions, thereby supporting oil market stability. The collective effort will also enable participating countri es to accelerate their compensation processes. The countries reiterated their dedication to achieving full conformity with the Declaration of Cooperation, which includes monitoring the additional voluntary production adjustments as agreed during the JMMC's 53rd meeting on April 3, 2024. Further, the eight nations confirmed their intention to fully compensate for any overproduced volume since January 2024. They plan to hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for August 3, 2025, to decide on September production levels.
Wednesday, April 22, 2026