Riyadh, July 05 (QNA) - Seven OPEC Plus countries decided to implement a production adjustment of 188 thousand barrels per day starting August 2026, as part of their collective commitment to support oil market stability.

Comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, the seven countries met virtually on Sunday to review global market conditions and outlook, during which the production adjustment decision was made.

In a press release, the seven OPEC Plus countries noted that the additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. 

The countries added that they will continue to closely monitor and assess market conditions, reaffirming the importance of adopting a cautious approach and retaining full flexibility to increase, pause, or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023, in their continuous efforts to support market stability.

The seven OPEC Plus countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation for any overproduced volume since January 2024.

They reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee.

The seven OPEC Plus countries said that they will hold monthly meetings to review market conditions, conformity, and compensation, scheduling their upcoming meeting for August 2. (QNA)