Seven OPEC+ Nations Agree on Oil Production Increase

Seven member nations of the OPEC+ alliance have agreed to implement a total oil production increase of 188,000 barrels per day (bpd), effective from August 2026. This decision forms part of the additional voluntary production adjustments previously announced in April 2023, reaffirming a shared commitment to supporting global oil market stability. The agreement was reached following a virtual meeting held on Sunday, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, to review global market conditions and future outlooks. According to the statement, the production increase will be distributed as follows: 62,000 bpd for both Saudi Arabia and Russia, 26,000 bpd for Iraq, 16,000 bpd for Kuwait, 10,000 bpd for Kazakhstan, 6,000 bpd for Algeria, and 5,000 bpd for Oman. With these increments, the targeted production for August 2026 is set to reach 10.416 million bpd for Saudi Arabia, 9.887 million bpd for Russia, 4.405 million bpd for Iraq, 2.660 million bpd for Kuwait, 1.618 million bpd for Kazakhstan, 1.001 million bpd for Algeria, and 836,000 bpd for Oman.