Seven OPEC+ countries will make a 188,000 barrels-per-day production adjustment in August 2026 after reviewing global market conditions.
The move is framed as support for oil market stability, a market signal for textile firms tracking energy and petrochemical-linked inputs.
Monthly reviews will continue, with the next meeting set for August 2, 2026.
These countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023. The adjustment is planned for August 2026, while the April 2023 voluntary adjustments may be returned in part or in full, gradually, depending on market conditions.
The organisation said the participants reaffirmed a cautious approach and full flexibility to increase, pause or reverse the phase-out of voluntary production adjustments, including reversing previously implemented voluntary adjustments announced in November 2023. It also said the measure would give participating countries an opportunity to accelerate compensation.
The seven countries reiterated commitment to full conformity with the Declaration of Cooperation, with the additional voluntary production adjustments to be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed an intention to fully compensate for any overproduced volume since January 2024, and will hold monthly meetings, with the next meeting scheduled for August 2, 2026.
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