Tengrinews.kz — Seven OPEC+ countries, including Kazakhstan, have decided to increase oil production in August 2026.
According to the OPEC website, a meeting was held via videoconference on July 5 between Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The parties discussed the situation on the global oil market and its development prospects.
Following the meeting, the participants reaffirmed their commitment to maintaining stability in the oil market and agreed to increase production by 188,000 barrels per day as part of the gradual phase-out of additional voluntary cuts that had been in effect since April 2023.
According to the published table, Kazakhstan will increase production by 10,000 barrels per day in August. As a result, the country’s required production level will be 1.618 million barrels per day.
OPEC+ emphasized that any further production increase will depend on the situation in the global market. If necessary, the countries may accelerate the production increase, pause it or reduce output again. The parties to the agreement also confirmed their intention to compensate for previously recorded overproduction. The next OPEC+ meeting will be held on August 2.
Earlier, OPEC+ made a similar decision to increase production for the second month in a row. On June 7, seven alliance countries, including Kazakhstan, agreed to raise production by 188,000 barrels per day starting in July 2026, explaining the move by stable market conditions and the need to maintain oil market stability.