OPEC+ Approves August Oil Production Adjustment
Kazakhstan and six other OPEC+ member countries have agreed to implement a collective oil production adjustment of 188,000 barrels per day in August, reaffirming their commitment to supporting stability in global oil markets.
The decision was adopted during a virtual meeting on July 5 involving Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, which previously announced additional voluntary production adjustments in 2023.
According to OPEC, the countries agreed to proceed with the planned adjustment under the framework of the additional voluntary production cuts introduced in April 2023. The participating members emphasized that the adjustments may be partially or fully reversed depending on evolving market conditions.
The seven countries also reaffirmed their commitment to the Declaration of Cooperation, including compensating for any overproduction recorded since January 2024, and reiterated their intention to maintain flexibility in managing future production levels in response to global market developments.
The participating OPEC+ members will continue to hold monthly meetings to assess oil market conditions, monitor compliance with production commitments and review compensation mechanisms. The next meeting is scheduled for Aug. 2.
Photo credit: Reuters
