The seven member countries of OPEC Plus have decided to raise oil production levels by 188,000 barrels per day, effective August 2026. This move aims to support market stability and respond to evolving supply and demand dynamics.
The decision emerged from a virtual meeting involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The member countries confirmed that this increase is part of the voluntary adjustments announced in April 2023. The implementation will occur gradually and flexibly, allowing for adjustments based on market conditions.
The seven nations emphasized their commitment to a cautious approach designed to maintain global market stability. They expressed readiness to closely monitor developments and execute plans to compensate for excess production starting January 2024, following approved timelines. These actions reflect the countries’ dedication to achieving market balance and supporting prices in line with global conditions.
Member countries agreed to hold monthly meetings to review market updates. The next meeting is scheduled for August 2, 2026, where they will assess the impact of the new production increase. These meetings demonstrate OPEC Plus’s commitment to cooperation and coordination among member states, aiming to enhance stability in the oil market.
For more details, visit the original article on Yemen TV.
To follow the news in Arabic
Yemeni Ambassador Highlights the Significance of September 26 and October 14 Revolutions Dr. Ali Majour,…
Minister of Industry and Trade Leads National Trade Facilitation Committee Meeting in Aden Dr. Mohammed…
Local Authority in Lahij Sends First Urgent Food Convoys to Fighters and Families Affected by…
Armed Forces Announce Start of Liberation Battle The Armed Forces announced today, Sunday, the commencement…
Governor of Taiz Visits Injured Armed Forces Personnel On Sunday, Governor Nabil Shamsan visited several…
President Alimi Announces Military Operations to Restore State Authority On Sunday, President Dr. Rashad Mohammed…