On August 2, local time, the Organization of Petroleum Exporting Countries issued a statement saying that the seven major “OPEC+” oil producers, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held an online meeting to review the global oil market situation and prospects. The statement said that the seven countries decided to increase production by an average of 188,000 barrels per day in September 2026 to support the stability of the oil market. The statement also said that this move will provide an opportunity for the countries concerned to speed up the completion of compensatory production cuts. The seven countries reaffirmed that they will fully abide by the “Declaration of Cooperation” and additional voluntary production reduction arrangements, and will continue to hold monthly meetings to assess market conditions. The next meeting will be held on September 6th.

On August 2, local time, the Organization of Petroleum Exporting Countries issued a statement saying that the seven major “OPEC+” oil producers, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held an online meeting to review the global oil market situation and prospects. The statement said that the seven countries decided to increase production by an average of 188,000 barrels per day in September 2026 to support the stability of the oil market. The statement also said that this move will provide an opportunity for the countries concerned to speed up the completion of compensatory production cuts. The seven countries reaffirmed that they will fully abide by the “Declaration of Cooperation” and additional voluntary production reduction arrangements, and will continue to hold monthly meetings to assess market conditions. The next meeting will be held on September 6th.