On August 2 local time, the Organization of the Petroleum Exporting Countries (OPEC) issued a statement stating that seven major oil-producing countries, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held an online meeting to discuss the global oil market situation and prospects.
The statement says that the seven countries have decided to increase production by 18.8 thousand barrels per day starting in September 2026, in order to support the stability of the oil market.
Bloomberg previously reported that “OPEC+” plans to maintain its production levels unchanged for the remainder of this year, following an increase in production in September. Since the outbreak of the war in Iran this year, “OPEC+” has announced increases in production every month.
"OPEC+" is composed of member countries of OPEC and non-OPEC oil-producing countries, including Russia. On May 1st, the United Arab Emirates officially withdrew from OPEC and "OPEC+".
