Eight Opec+ nations to hike oil production by 411,000 barrels per day in july

The eight Opec+ countries that voluntarily restricted their oil production agreed on Saturday to increase their combined output by 411,000 barrels per day in July from the June level, reported Sputnik/RIA Novosti.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman met virtually to discuss the global market conditions.

"The eight participating countries will implement a production adjustment of 411,000 barrels per day in July 2025 from the June 2025 required production level.

“The gradual increases may be paused or reversed, subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability," the statement read.

The decision is explained by "a steady global economic outlook and current healthy market fundamentals".

The oil production cap for the eight Opec+ countries that have voluntary production cuts in place will effectively increase their maximum output by 386,000 barrels per day in July, taking into account compensation plans for the previous overproduction.

This applies to Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, which have voluntarily reduced oil production. Voluntary cuts of 1.65 million barrels per day are in effect until the end of 2026.

An additional 2.2 million bpd cut has been gradually phased out starting April.

Monthly meetings

The eight countries agreed on Saturday to discuss oil production volumes for August on July 6, Opec+ said.

"The eight countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on July 6 to decide on August production levels," the statement read.

Russia may increase its oil production to 9.24 million barrels per day in July, Opec+ said, which does not take into account the overproduction compensation plan.

Saudi Arabia is poised to increase oil production to 9.53 million barrels per day, while Iraq and the United Arab Emirates will increase their output to, respectively, 4.12 million barrels and 3.17 million barrels, Kuwait to 2.49 million, Kazakhstan to 1.51 million, Algeria to 936,000 barrels and Oman to 782,000.

- Bernama

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