Seven OPEC+ countries, during an online meeting held on July 5, decided to increase oil production in August. This was reported by Qazaqyia.kz citing Kursiv Media.
"The seven participating countries decided to adjust production by 188,000 barrels per day compared to the additional voluntary adjustments announced in April 2023," the statement on the organization's official website said.
It was noted that the countries will continue to closely monitor and assess market conditions, and adjustments may be fully or partially reversed later.
Country representatives also reaffirmed their collective commitment to the Declaration of Cooperation, including additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
The alliance members also confirmed their intention to hold monthly meetings to review market conditions, compliance with agreements, and compensations. The next meeting will be held on August 2, 2026.
Currently, OPEC+ includes seven countries: Kazakhstan, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, and Oman.
Earlier, the UAE announced its withdrawal from OPEC and OPEC+ effective May 1, citing disagreement with oil production quotas.
At that time, Olzhas Baidildinov, owner of the Telegram channel "Baidildinov. Oil" and member of the public council of Samruk-Kazyna, stated that the UAE's exit from OPEC and OPEC+ would allow the country to produce much more oil.
Earlier, Kursiv reported that Kazakhstan does not intend to change its participation format in the Organization of the Petroleum Exporting Countries OPEC+.