Kazakhstan among seven OPEC+ countries to increase oil production volumes

The next meeting of the seven OPEC+ countries will take place on August 2, 2026

Kazakhstan, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, and Oman have decided to adjust oil production starting from August 2026 by 188,000 barrels per day, Kazinform reports.

According to the OPEC website, the seven countries that previously announced additional voluntary production adjustments in April and November 2023 — Kazakhstan, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, and Oman — held a videoconference on July 5, 2026, to discuss the current situation and prospects of the global oil market.

“Confirming their shared commitment to maintaining oil market stability, the seven participating countries decided to adjust production by 188,000 barrels per day as part of the additional voluntary cuts announced in April 2023. This change will take effect in August 2026 in line with the agreed schedule,” the statement reads.

The additional voluntary cuts announced in April 2023 may be partially or fully lifted depending on market developments and will be phased out gradually. The countries will continue to closely monitor market conditions and assess its dynamics.

The seven OPEC+ countries also noted that this measure would allow member states to accelerate the fulfillment of their compensation obligations. In addition, the countries confirmed their intention to fully compensate for all excess production volumes recorded since January 2024.

As shown in the table published on the website, Kazakhstan intends to increase oil production by 10,000 barrels per day in August. Thus, the target production level will reach 1.618 million barrels per day.

The next meeting of the seven OPEC+ countries, which will review the market situation, compliance with agreements, and fulfillment of compensation obligations, will be held on August 2, 2026.

Photo: Samco.

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