Riyadh: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman are taking coordinated action to adjust oil production levels, reinforcing their commitment to stabilizing the global oil market. The seven countries, all members of the OPEC Plus group, convened via video conference to deliberate on the current state and future prospects of the oil market. According to Union of OIC News Agencies, the meeting was held to review the voluntary production adjustments previously announced in April and November 2023. As part of their strategy to support market stability, the seven countries agreed to implement an adjustment of 188 barrels per day from the total voluntary adjustments disclosed in April 2023. This adjustment is slated for implementation in September 2026. The member countries emphasized that the production adjustment will enable them to expedite the compensation process for excess production since January 2024. The nations reiterated their commitment to the Declaration of Cooperation, which includes additional voluntary adjustments, and affirmed that compliance will be monitored by the Joint Ministerial Monitoring Committee. They plan to continue holding monthly meetings to assess market conditions, with the next meeting scheduled for September 6, 2026.
