Published on: 2026-08-02
Source: People’s Republic of China — Translation
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Vienna, August 2 /Xinhua/ — Seven OPEC+ member countries — the expanded format of the Organization of the Petroleum Exporting Countries /OPEC/ — agreed on Sunday to increase the maximum oil production level in September by 188,000 barrels per day /b/d/ compared to August. This was stated in a statement published following the OPEC+ online meeting.
The decision was announced at the conclusion of a meeting involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, during which the current situation and trends in the global market were discussed.
The OPEC+ countries include OPEC members and their allies.
As stated in the announcement, within the framework of collective commitments to maintain the stability of the oil market, seven countries have decided to increase production, continuing the refusal of the voluntary cut of 1.65 million b/d, which was announced in April 2023 and subsequently extended until the end of 2026.
The decision made on Sunday marked the sixth consecutive month that OPEC+ countries have increased production levels.
According to the statement, seven countries will flexibly adjust oil production taking into account changing market conditions. The organization’s next meeting is scheduled for September 6 to determine the production level for October. –0–
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