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 group's fifth consecutive monthly increase as it unwinds earlier voluntary production cuts.
- This latest adjustment brings the total increase in output quotas to around 940,000 barrels a day since the war began, following a virtual review of market conditions held on July 5.
- Participating nations, including Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia, reaffirmed their commitment to the Declaration of Cooperation, which includes compensation for volumes overproduced since January 2024.
- The group maintains flexibility in managing production adjustments, with measures potentially restored partially or fully depending on market developments to ensure continued oil market stability.
- Member nations will continue holding monthly meetings to review market conditions, compliance, and compensation, with the next gathering scheduled for August 2 to assess future policy needs.
12 Articles
12 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…
7 OPEC+ countries agree to expand monthly oil production modestly as prices slide
NEW YORK — A handful of countries in the OPEC+ oil-producing alliance plan to increase their outputs modestly next month, which would bring more oil online after fuel prices have fallen to levels not seen since before the U.S. and…
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…
Coverage Details
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
