Eight OPEC+ member states, which voluntarily reduce crude output, will have an online meeting on Saturday focusing on the oil production plan for July.

Axar.az reports that among the countries that have committed to voluntary adjustments to their output plans are Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria, Oman, and Kuwait. Those countries have voluntarily reduced production by a total of 2.2 mln barrels per day (bpd) since the beginning of this year.

Since April 2024, they have started returning the reduced oil production volumes to the market. In April, the eight countries adhered to the original plan and increased production by 138,000 bpd, whereas for May and June, they agreed to accelerate production growth by 411,000 bpd each month.

However, these plans do not take into account compensation for excess production, which seven of the eight OPEC+ countries allowed during the period of voluntary cuts. In total, from April 2025 to June 2026, the eight member states must compensate for overproduction in the amount of 4.572 mln bpd. More than 70% of this volume falls on Kazakhstan and Iraq.