Seven OPEC+ members are adding another 188,000 barrels per day to global supply in August, pressing ahead with a gradual unwinding of voluntary production cuts even as oil prices continue to slide.
The adjustment was agreed during a virtual meeting on July 5, at which the same group of nations that first announced additional voluntary cuts in April 2023 reviewed current market conditions and signed off on the change. The seven countries, including major producers from the Gulf, Central Asia, and North Africa, have been slowly rolling back those 2023 reductions over recent months.
Compliance remains a sticking point. Several members have produced above their agreed levels since January 2024, and the group reiterated a collective commitment to fully make up for those excess volumes. August’s increase is partly framed as a chance for lagging producers to speed up that compensation process, meaning the real production picture is more complicated than the headline number suggests.
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Monthly meetings are planned to assess conditions, with the next session set for August 2.
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