As anticipated by industry experts, the seven nations of the Organization of the Petroleum Exporting Countries and their non-member allies making up OPEC+ decided on Saturday to once again boost their crude oil production quotas by 188000 barrels per day starting this coming August, matching the increments agreed upon in recent months. For Algeria, output will be expanded by 6000 barrels per day, reaching 1.001 million barrels per day beginning next month.
Convening on Saturday via video conference, Algeria and the six other OPEC+ nations, which have been implementing voluntary output cuts since 2023, agreed to a new collective supply increase of approximately 188000 barrels of oil per day effective this coming August. Simultaneously, they reaffirmed their commitment to maintaining a cautious strategy to preserve market stability, according to a statement from the Algerian Ministry of Hydrocarbons, which noted that the sector minister, Mohamed Arkab, participated in the session.
This decision, reached during the ministerial meeting of these seven nations—namely Algeria, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Russia—came amid encouraging signs regarding maritime transit through the Strait of Hormuz, according to market analysts, at a time when crude prices have returned to levels comparable to those seen before the conflict involving Iran.
This supply increase falls within the framework of progressively phasing out the additional voluntary adjustments announced in April 2023, the Ministry of Hydrocarbons stated, noting that Algeria’s required production level will be lifted by 6000 barrels per day to hit 1.001 million bpd during the month of August.
For its part, OPEC indicated in a press release published on its website that the additional voluntary rollbacks could be brought back, partially or completely, in a gradual manner, depending on how market conditions evolve.
“The seven nations will continue to monitor and closely assess market conditions as part of their ongoing endeavors to sustain stability,” the Organization added, highlighting “the significance of maintaining a prudent approach and retaining all necessary flexibility to expand, pause, or reverse the winding down of voluntary production adjustments.”
OPEC also reiterated the joint commitment of the seven countries to ensure full compliance with the Declaration of Cooperation, as well as to completely offset any recorded overproduction volumes.
The seven nations will continue holding monthly sessions to evaluate market conditions, compliance rates, and compensation mechanisms, the statement concluded, specifying that their next meeting is scheduled for August 2, 2026.