The eight OPEC+ countries, namely Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, will implement a production adjustment of 548,000 barrels per day in August 2025 from July 2025 required production level.

This amid a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories and in accordance with the decision agreed upon on 5th December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1st April 2025.

The eight participating countries, which previously announced additional voluntary adjustments in April and November 2023, met virtually on July 5 to review global market conditions and outlook.

The production adjustment is equivalent to four monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.

The eight OPEC+ countries said this measure will provide an opportunity for the participating countries to accelerate their compensation.

These countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the Joint Ministerial Monitoring Committee during its 53rd meeting held on 3rd April 2024.

They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on Aug. 3 to decide on September production levels. (PNA)