Seven major OPEC+ producers — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — agreed on Aug 2 to raise crude output by 188,000 barrels per day from September 2026 to support market stability, the Organization of the Petroleum Exporting Countries said in a statement.The group said the move would also provide an opportunity for the countries to accelerate completion of their compensatory overproduction cuts. The seven reaffirmed full compliance with the "Declaration of Cooperation" and additional voluntary output adjustments, and will continue holding monthly meetings to assess market conditions, with the next meeting set for Sep 6.