OPEC+ Agrees To Raise Oil Output By 188,000 Barrels Per Day From July

The Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to increase oil production by 188,000 barrels per day (bpd) from July, in a move aimed at supporting global market stability amid evolving supply and demand conditions.
In a statement issued on Sunday, OPEC said the decision was reached during a virtual meeting involving seven member countries that had earlier implemented additional voluntary production adjustments in April and November 2023.
The participating countries include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
According to the group, the adjustment will be implemented from July 2026 as part of ongoing efforts to manage supply discipline within the alliance.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” the statement said.
OPEC added that the move reflects a cautious approach to market management, with members retaining flexibility to adjust output depending on global conditions.
“The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner,” it said.
The alliance said it will continue monitoring global oil trends closely, warning that future adjustments could be made depending on price movements, demand levels, and geopolitical developments.
“The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” it added.
The group further reaffirmed its commitment to full conformity with the Declaration of Cooperation, including compensating for any overproduced volumes since January 2024, with the compensation period extended to the end of December 2026.
OPEC+ said member countries will continue holding monthly meetings to assess market conditions, compliance, and compensation levels, with the next meeting scheduled for July 5.