RIYADH: Seven OPEC+ member countries have agreed to raise their combined crude oil production targets by 188,000 barrels per day (bpd) beginning in July, maintaining the same increase implemented in June.
The decision was reached during a virtual meeting held on Sunday, attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, said a press release issued by the bloc.
The group reviewed current global oil market conditions and future demand prospects before approving the production adjustment.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability.
Read Press Release ➡️ https://t.co/CobaRbgRK2
— OPEC (@OPECSecretariat) June 7, 2026
The July increase marks the fourth consecutive monthly quota hike as part of OPEC+’s gradual rollback of voluntary production cuts introduced to support oil prices.
The June increase had been revised downward from the 206,000 bpd hikes implemented in April and May to account for adjustments related to the United Arab Emirates’ production baseline.
Despite the planned increase in quotas, the actual addition of crude oil to global markets remains limited due to ongoing disruptions and logistical constraints affecting exports through the Strait of Hormuz.
From April through June, the seven participating countries collectively increased their production targets by nearly 600,000 barrels per day.
Reaffirming their commitment to maintaining stability in the global oil market, the countries agreed to proceed with the latest 188,000 bpd adjustment as part of the additional voluntary production changes first announced in April 2023.
The new production target will take effect from July as OPEC+ continues to balance market stability with evolving global energy demand.
The additional voluntary production adjustments announced in April 2023 may be partially or fully reversed depending on market developments and demand conditions.
OPEC+ members emphasised that they will continue to closely monitor the global oil market and remain committed to maintaining stability.
The participating countries reaffirmed the importance of a cautious and flexible approach, allowing them to accelerate, pause, or reverse the gradual phase-out of voluntary production cuts when necessary.
This flexibility also extends to the voluntary adjustments introduced in November 2023.
The seven OPEC+ nations stated that the latest production increase would provide an opportunity for member countries to accelerate efforts to compensate for previous overproduction.
They reiterated their commitment to full compliance with the Declaration of Cooperation and the additional voluntary production adjustments overseen by the Joint Ministerial Monitoring Committee (JMMC).
The countries also confirmed their intention to fully offset any excess production recorded since January 2024.
To facilitate this process, the compensation period has been extended through the end of December 2026, ensuring members have sufficient time to meet their commitments while supporting balance and stability in global oil markets.
