emirates7 - The eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — which had previously announced additional voluntary production adjustments in April and November 2023, convened virtually on 5 July 2025 to assess global oil market conditions and outlook.
Given the stable global economic environment and strong market fundamentals, reflected in low oil inventory levels, and following the decision made on 5 December 2024 to begin a gradual and flexible rollback of the 2.2 million barrels per day in voluntary production cuts starting 1 April 2025, the group will reduce its production cuts by 548,000 barrels per day in August 2025 compared to July 2025 output levels.
This adjustment corresponds to four monthly increments as outlined in the agreed schedule. However, the planned increases remain subject to change depending on market developments, allowing the group to respond flexibly in order to maintain market stability.
The participating nations also emphasized that this move offers an opportunity to expedite compensation for previous overproduction. They reaffirmed their unified commitment to full compliance with the Declaration of Cooperation, including the additional voluntary production cuts, which continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC), as discussed during its 53rd meeting on 3 April 2024.
Furthermore, the group confirmed its commitment to fully compensate for any excess production that occurred since January 2024. Monthly meetings will be held to assess market dynamics, compliance, and compensation progress. The next meeting is scheduled for 3 August 2025 to determine production levels for September.
Given the stable global economic environment and strong market fundamentals, reflected in low oil inventory levels, and following the decision made on 5 December 2024 to begin a gradual and flexible rollback of the 2.2 million barrels per day in voluntary production cuts starting 1 April 2025, the group will reduce its production cuts by 548,000 barrels per day in August 2025 compared to July 2025 output levels.
This adjustment corresponds to four monthly increments as outlined in the agreed schedule. However, the planned increases remain subject to change depending on market developments, allowing the group to respond flexibly in order to maintain market stability.
The participating nations also emphasized that this move offers an opportunity to expedite compensation for previous overproduction. They reaffirmed their unified commitment to full compliance with the Declaration of Cooperation, including the additional voluntary production cuts, which continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC), as discussed during its 53rd meeting on 3 April 2024.
Furthermore, the group confirmed its commitment to fully compensate for any excess production that occurred since January 2024. Monthly meetings will be held to assess market dynamics, compliance, and compensation progress. The next meeting is scheduled for 3 August 2025 to determine production levels for September.