OPEC+ Countries Decided To Increase Oil Production

• 8.06.2026, 14:29

Fourth month in a row.

The seven countries of the OPEC+ alliance have agreed a fourth modest increase in oil production targets in recent months, even as the U.S. war with Iran continues to hamper production increases by some members of the group.

As Reuters reports, the July production quotas of the seven OPEC+ countries, including Russia and Saudi Arabia, will rise by 188,000 bpd, matching the June increase. Russia's quota in July will be 9.824 million bpd.

The group's actual production fell sharply due to a drop in exports by Gulf countries, averaging 33.19 million bpd in April compared with 42.77 million in February, according to OPEC data.

The next meeting of the seven OPEC+ countries will be held on July 5, with the monitoring committee meeting every two months as before. The big OPEC+ ministerial meeting is Nov. 29.

The alliance said in a statement on Sunday that the countries will continue to closely monitor and assess the market situation. As part of their efforts to maintain market stability, they reiterated the importance of taking a cautious approach and maintaining full flexibility to increase, suspend or cancel the phase-out of voluntary production adjustments, including the removal of earlier voluntary adjustments announced in November 2023.