ASTANA – Kazakhstan and six other OPEC+ members agreed to implement an 188,000-barrel-per-day production adjustment in August, reaffirming their commitment to oil market stability.
Photo credit: Reuters
Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, which previously announced voluntary production adjustments in 2023, held a virtual meeting on July 5 to review market conditions and the outlook.
The countries decided to introduce the adjustment from the additional voluntary cuts announced in April 2023, noting that the measures may be restored partially or fully depending on market developments, according to OPEC.
They reaffirmed their commitment to the Declaration of Cooperation, including compensation for overproduced volumes since January 2024, and said they would maintain flexibility in managing production adjustments.
The seven OPEC+ members will continue monthly meetings to review market conditions, compliance and compensation. The next meeting is scheduled for Aug. 2.
