Riyadh: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman are reaffirming their commitment to the stability of the oil market by adjusting production levels. These seven member countries of the OPEC Plus group convened via video conference to discuss the latest developments in the oil market and its future prospects.
According to Union of OIC News Agencies, the meeting, held on Monday, aimed to review previously announced additional voluntary adjustments made in April and November 2023. As part of their ongoing commitment, the countries decided to implement a production adjustment of 188 barrels per day from the total additional voluntary adjustments announced in April 2023. This adjustment is set to take effect in September 2026.
The participating countries emphasized that this measure will allow them to accelerate the compensation process. The members also renewed their commitment to the Declaration of Cooperation, including additional voluntary adjustments. The Joint Ministerial Monitorin
g Committee will oversee compliance with these adjustments, and the countries expressed their intention to fully compensate for excess production volumes since January 2024.
The OPEC Plus members agreed to continue holding monthly meetings to monitor market developments, with the next meeting scheduled for September 6, 2026.