According to Ukrinform, this was announced on the OPEC website.

"In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in September 2026," the statement said.

According to OPEC, the move will give the participating countries an opportunity to accelerate the process of compensating for previous overproduction.

"The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024," OPEC emphasized.

The next meeting is scheduled for September 6.

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As Ukrinform previously reported, last month the same seven OPEC+ countries, Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman, agreed to increase their oil production targets by 188,000 barrels per day for August.