The seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) have agreed to implement a production adjustment of 188 kb/d from the additional voluntary cuts announced in April 2023 (OPEC+ press release, 05/07/2026).
For August 2026, the combined target production levels and their respective increases are set as follows: Saudi Arabia (10.4 mb/d, +62 kb/d), Russia (9.9 mb/d, +62 kb/d), Iraq (4.4 mb/d, +26 kb/d), Kuwait (2.7 mb/d, +16 kb/d), Kazakhstan (1.6 mb/d, +10 kb/d), Algeria (1 mb/d, +6 kb/d), and Oman (836 kb/d, +5 kb/d). The group had already decided to increase production in the same proportion in May and June 2026 (KEI, 09/06/2026).
This decision represents the fifth consecutive monthly increase in output targets, with quotas having been raised from April to July by nearly 800 kb/d. The seven countries continue to raise production as part of the gradual unwinding of a 1.65 mb/d production cut agreed in 2023 by the group, which at that time also included the United Arab Emirates (UAE), and which left the organization in May 2026.
OPEC+ output began to recover in June following a ceasefire deal between the United States and Iran. Iran agreed to allow ships to transit through the Strait of Hormuz without obstruction, and the USA agreed to lift its blockade of Iran’s ports. However, ship traffic remains below pre-war levels, and tensions over the waterway persist.