Manila: The eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, have announced a production adjustment of 548,000 barrels per day for August 2025, based on the required production level set in July 2025.

According to Philippines News Agency, this decision comes amid a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories. It aligns with the decision made on December 5, 2024, to gradually and flexibly return to the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025.

The eight participating countries, which had previously announced additional voluntary adjustments in April and November 2023, convened virtually on July 5 to assess global market conditions and outlook. The production adjustment is equivalent to four monthly increments, with the possibility of pausing or reversing these increases, depending on evolving market conditions. This flexibility is intended to support oil market stability.

The OPEC+ countries emphasized that this measure provides an opportunity for the participating countries to accelerate their compensation efforts. They reiterated their commitment to full compliance with the Declaration of Cooperation, including additional voluntary production adjustments to be monitored by the Joint Ministerial Monitoring Committee during its 53rd meeting on April 3, 2024.

Additionally, they confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries plan to hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for August 3 to decide on September production levels.