In July 2026, the seven member states of OPEC+ will increase oil production by 188,000 barrels per day, which is the second consecutive month’s increase. The decision comes after a comparable one for June, as the group progressively reduces voluntary supply cuts. The nations reiterated their dedication to the Declaration of Cooperation and stressed the importance of being adaptable in managing supply in response to market demands.
In a move that is consistent with the group’s ongoing easing of voluntary supply cuts, seven OPEC+ countries—including India—announced an increase in oil production for the second consecutive month. In July 2026, they agreed to raise output by 188,000 bpd, following an identical increase for June.
On Sunday, during a virtual meeting to assess the current and future state of the global market, the following countries made the decision: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
In a statement, OPEC stated that the member states had opted to “implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.”
The group’s production schedule shows that in July, Saudi Arabia and Russia will both raise output by 62,000 bpd. Iraq, Kuwait, Kazakhstan, Algeria, and Oman will follow with increases of 26,000 bpd, 16,000 bpd, 10,000 bpd, 6,000 bpd, and 5,000 bpd, respectively.As stated by OPEC, the additional voluntary adjustments that were announced in April 2023 could be partially or fully refunded, depending on how the market develops and how slowly.
Meanwhile, producers emphasised their commitment to adapting supply management strategies to market changes.
Each nation “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023,” the declaration stated.Achieving full conformance with the Declaration of Cooperation was reaffirmed by the seven nations, according to OPEC.
In addition, the producer group emphasised that all participating nations will “fully compensate for any overproduced volume since January 2024.”
The payment deadline has been pushed back till the end of December 2026 to give more time for this procedure.
According to OPEC, the seven nations will keep meeting monthly to review compensating initiatives, output conformity, and market circumstances. July 5, 2026 is the date of the next gathering.
This current move is in line with the seven OPEC+ nations’ May agreement to boost output by 188,000 barrels per day for June, which was a comparable move. In their first gathering following the UAE’s announcement of its withdrawal from OPEC+, the producer group reaffirmed their commitment to adjusting supplies in response to market demands and their goal of bolstering oil market stability.
Image: The High Street Journal
