“In their collective commitment to support the stability of the oil market, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023,” the note states. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability. Today’s agreement establishes quotas for the seven countries, which in some cases are well above the most recent production data. For example, they foresee 9.949 million barrels of oil per day (mbd) for Russia, while its pumping last June, according to data included in an OPEC+ report, was 8.928 mbd. The quota reserved for Saudi Arabia, of 10.47 mbd, is also much higher than the 6.84 mbd it had in June, according to independent sources mentioned in that report.