ALGIERS- Algeria and six other OPEC+ countries decided on Sunday a fresh collective increase of around 188,000 barrels of oil per day (b/d), effective from next August, while reaffirming their commitment to adopting a cautious approach in order to preserve market stability.

This decision was taken during a ministerial meeting, held via videoconference, bringing together the seven OPEC+ (Organization of the Petroleum Exporting Countries and their non-member allies) that had implemented voluntary production cuts, namely Algeria, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Russia.

Following the meeting, in which Minister of State, Minister of Hydrocarbons, Mohamed Arkab, took part, "the seven countries agreed to proceed, starting from August 2026, with a collective adjustment of their production, through an overall increase of 188,000 barrels per day, as part of the gradual resumption of the additional voluntary adjustments announced in April 2023," the Ministry of Energy said in a statement.

Under this decision, the required production level for Algeria will be raised by 6,000 barrels per day, to reach 1.001 million barrels per day starting next August, said the same source.

In turn, OPEC stated in a press release published on its website that additional voluntary production adjustments could be reintroduced, in part or in full, in a gradual manner, depending on the evolution of market conditions.

The seven countries will continue to closely monitor and assess market conditions as part of their ongoing efforts to support stability, the organization said, stressing the importance of adopting a cautious approach and maintaining all necessary flexibility to increase, suspend or reverse the process of gradually phasing out voluntary production adjustments.

OPEC further reaffirmed, in its statement, the collective commitment of the seven countries to ensuring full compliance with the Declaration of Cooperation, as well as to fully compensate for any recorded overproduction volumes.

The seven countries will continue holding monthly meetings to assess market conditions, compliance levels and compensation mechanisms, the statement added, noting that their next meeting is scheduled for August 2nd.