Seven key OPEC+ alliance producers have agreed to adjust their collective oil output by 188,000 barrels per day from September, moving to support global energy market stability and enforce strict quota compliance following months of heightened geopolitical volatility.
The participating nations, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, decided to modify production levels drawn from additional voluntary supply adjustments originally announced in April 2023.
Officials noted that the policy recalibration will provide participating countries with an opportunity to accelerate their compensation schedules for overproduced volumes recorded since January 2024.
The shift takes place against the backdrop of the Strait of Hormuz crisis, which severely disrupted global fuel supply chains earlier this year.
Military conflict in the Middle East led to maritime blockades along the critical Persian Gulf waterway, a choke point responsible for carrying roughly 20 per cent of the world’s petroleum and liquefied natural gas exports.
The sudden removal of millions of daily barrels from global circulation sent Brent crude soaring past US$120 per barrel, threatening widespread inflationary shocks and prompting emergency strategic reserve releases across major importing nations.
While international crude benchmarks have since eased from their seasonal peaks as transit routes partially adapted, energy markets remain delicate, prompting producers to carefully calibrate monthly supply.
In their joint statement, the seven OPEC+ countries reiterated their collective determination to achieve full conformity with the Declaration of Cooperation, ensuring all member states strictly align with target baselines.
The Joint Ministerial Monitoring Committee (JMMC) will continue to monitor output levels closely, ensuring that any overproduction accumulated since early 2024 is completely offset by scheduled cuts in coming months.
The participating nations confirmed they will maintain their schedule of monthly virtual meetings to assess market conditions and demand forecasts, with the next session set for September 6.
