OPEC+ Countries Agree on July 2026 Oil Production Increase

Seven OPEC+ Members Set July 2026 Oil Production Targets

June , 2026 : Seven OPEC+ countries have agreed to raise their combined oil production by 188,000 barrels per day in July 2026 while maintaining flexibility to respond to changing global market conditions.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman reached the decision during a virtual meeting held on 7 June 2026. The countries reviewed the outlook for the global oil market and assessed their ongoing voluntary production adjustments.

July Production Adjustment Confirmed

The participating countries decided to begin returning part of the additional voluntary production reductions originally announced in April 2023.

Under the July 2026 adjustment, their combined production will increase by 188,000 barrels per day.

Saudi Arabia and Russia will each account for an increase of 62,000 barrels per day. Iraq will raise production by 26,000 barrels per day, while Kuwait will add 16,000 barrels per day.

Kazakhstan’s production will increase by 10,000 barrels per day, followed by Algeria with 6,000 barrels per day and Oman with 5,000 barrels per day.

The planned July production levels are:

Country	Production increase (kbd)	Required production (kbd)
Algeria	6	995
Iraq	26	4,378
Kuwait	16	2,644
Saudi Arabia	62	10,353
Kazakhstan	10	1,608
Oman	5	831
Russia	62	9,824
Total increase	188	—

Countries Retain Flexibility Over Future Adjustments

The seven countries said the voluntary production reductions introduced in April 2023 could be gradually restored, either partially or fully, depending on market developments.

They stressed that future decisions would continue to follow a cautious approach. The group retained the option to accelerate, pause or reverse the gradual removal of the voluntary production adjustments.

This flexibility also includes the possibility of reversing production changes previously introduced under the additional voluntary adjustments announced in November 2023.

Compensation Period Extended Until December 2026

The participating countries said the latest production decision could help members accelerate compensation for earlier production levels that exceeded their agreed targets.

They reaffirmed their commitment to full compliance with the OPEC+ Declaration of Cooperation and the additional voluntary production arrangements monitored by the Joint Ministerial Monitoring Committee.

The seven countries also confirmed that they intend to compensate fully for any excess production recorded since January 2024.

The deadline for completing these compensation measures has been extended until the end of December 2026.

Monthly OPEC+ Reviews to Continue

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will continue holding monthly meetings to review oil market conditions, production conformity and compensation commitments.

Their next meeting is scheduled for 5 July 2026.

OPEC – Organization of the Petroleum Exporting Countries.

Key Points

Seven OPEC+ countries agreed to increase combined production by 188,000 barrels per day in July 2026.
Saudi Arabia and Russia will each raise production by 62,000 barrels per day.
The countries retained the flexibility to increase, pause or reverse future production changes.
Members reaffirmed their commitment to production conformity and compensation requirements.
The compensation period for excess production since January 2024 has been extended to December 2026.
The next meeting will take place on 5 July 2026.

Editorial Note: This article is intended for informational and educational purposes only. It provides analytical insights based on publicly available information and does not constitute financial, legal, or political advice. Readers are encouraged to consult official sources and expert advisors for verified guidance.