Seven OPEC+ producers will add 188,000 barrels a day in August

Seven members of the OPEC+ group said on July 5 that they will implement a production adjustment of 188,000 barrels a day in August, unwinding a further slice of the additional voluntary cuts they announced in April 2023. The seven are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The statement says the remaining voluntary adjustments may be returned in part or in full depending on market conditions, and that the group retains the option to pause or reverse. John Power at Al Jazeera reported the meeting, and put total OPEC+ output at 33.13 million barrels a day in May, against 42.77 million in February. The seven also said they intend to compensate for volumes produced above quota since January 2024. They meet again on August 2.