Kazakhstan, Six Other OPEC+ Members Approve August Oil Production Adjustment
The fifth straight monthly increase comes as Brent crude trades near $72 a barrel and China’s buying remains uncertain, analysts said.
- OPEC+ agreed to raise oil production quotas by 188,000 barrels per day starting in August, marking the fifth consecutive monthly increase as the group unwinds earlier voluntary production cuts.
- Following a virtual review of market conditions on Sunday, July 5, the total increase in output quotas since the war began reached around 940,000 barrels a day.
- Participating nations—Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia—reaffirmed commitment to the Declaration of Cooperation, including compensation for volumes overproduced since January 2024.
- The group maintains flexibility in managing production adjustments, with officials noting that current measures may be restored partially or fully depending on market developments.
- Member nations will continue holding monthly meetings to review market conditions, compliance, and compensation, with the next gathering scheduled for August 2.
11 Articles
11 Articles
Kazakhstan, Six Other OPEC+ Members Approve August Oil Production Adjustment
The Astana Times provides news and information from Kazakhstan and around the world. ASTANA – Kazakhstan and six other OPEC+ members agreed to implement an 188,000-barrel-per-day production adjustment in August, reaffirming their commitment to oil market stability. Photo credit: Reuters Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, which previously announced voluntary production adjustments in 2023, held a virtual meeting on …
The increase in oil production by the Organization of the Petroleum and Allied Exporting Countries (OPEP+), announced this weekend, should not bring impacts to the Brazilian market in the short term. However, the drop in the Brent-type barrel quotes, a worldwide reference, opens spaces for Petrobras to reduce the prices of derivatives in refineries, evaluate experts. The cartel announced that it will increase production quotas by 188,000 barrels…
Algeria's oil production is expected to exceed the threshold of one million barrels per day in August 2026, following a new decision by seven OPEC+ member countries engaged in additional voluntary adjustments to their supply. For Algiers, the required level of production will be exactly 1.001 million barrels per day. The decision was reached at a meeting organised by video conference on Sunday, July 5, 2026. Algeria was participating alongside S…
Oil Market Shock: OPEC+ Floods the World With Crude as Experts Warn a Massive Price Crash Is Coming
OPEC+ has agreed to increase oil production once again, approving an additional 188,000 barrels per day from August as the alliance continues reversing the output cuts introduced during recent geopolitical tensions. The latest decision marks the fifth straight monthly production increase and brings the group’s total quota expansion to roughly 940,000 barrels per day since the conflict in the Middle East began. The move reflects growing confidenc…
The Organization of the Petroleum Exporting Countries (OPEC) surprised on Sunday when seven member countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – said they would increase production by 188,000 barrels per day from August. This happened at a time when the price of black gold returned to...
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