Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

AI Summary

Seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually to adjust oil production levels and reaffirm their commitment to maintaining market stability. The meeting follows previous voluntary output adjustments announced earlier in 2023 to manage global oil supply and demand conditions.

The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2026, to review global market conditions and outlook. In their collective commitment to support oil market stability, the seven participating countries decided to implement a ...