OPEC+ Approves July Oil Output Increase of 188,000 Barrels Per Day

Riyadh:  The seven OPEC+ member countries implementing voluntary production adjustments have approved an increase in oil output of 188,000 barrels per day for July 2026 as part of efforts to support stability in global petroleum markets.

According to a statement issued by OPEC, Saudi Arabia’s production will increase by 62,000 barrels per day, bringing its required output level to 10.353 million barrels per day.

Russia’s production is also set to rise by 62,000 barrels per day, while Iraq will increase output by 26,000 barrels per day. Kuwait’s production will rise by 16,000 barrels per day, Kazakhstan’s by 10,000 barrels per day and Algeria’s by 6,000 barrels per day.

The countries noted that the additional voluntary production adjustments announced in April 2023 may be gradually restored, either partially or fully, depending on prevailing market conditions.

The participating countries stressed the importance of maintaining a cautious and flexible approach, allowing for the continuation, suspension or reversal of the gradual restoration of production adjustments in line with market developments.

They added that the measure provides an opportunity to accelerate compensation for excess production and reaffirmed their commitment to the Declaration of Cooperation.

The countries also reiterated their commitment to fully compensate for excess production volumes recorded since January 2024, extending the compensation period until the end of December 2026.

Compliance levels and compensation plans will continue to be monitored through the Joint Ministerial Monitoring Committee (JMMC).

The seven countries agreed to hold monthly meetings to assess market conditions, review compliance and monitor compensation efforts. The next meeting is scheduled for 5 July 2026.