OPEC+ Countries Approve July Production Increase
Seven members of the OPEC+ alliance, comprising OPEC and non-OPEC oil-producing countries, have decided to increase their combined oil output by 188,000 barrels per day in July, in line with market expectations.
According to a statement issued by OPEC, representatives of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman held a virtual meeting to review recent developments in the global oil market.
Following the discussions, the countries agreed to continue their cooperation aimed at maintaining stability in the oil market. In line with the gradual unwinding of the voluntary production cuts announced in April 2023, they decided to increase their combined crude oil production by 188,000 barrels per day in July.
Saudi Arabia and Russia will account for the largest share of the increase, each raising output by 62,000 barrels per day. Iraq is expected to increase production by 26,000 barrels per day, while Kuwait will add 16,000 barrels per day. Kazakhstan is set to raise production by 10,000 barrels per day, Algeria by 6,000 barrels per day and Oman by 5,000 barrels per day. The combined increase from the seven countries will therefore total 188,000 barrels per day.
The statement also noted that the decision may be reviewed depending on market conditions and that production increases could be paused or reversed if necessary. The group, which continues to monitor production compliance and market developments, is scheduled to hold its next meeting on July 5.
