The Organisation of Petroleum Exporting Countries and its allies (OPEC+) have agreed to increase oil production by 188,000 barrels per day (bpd) starting July 2026, in a calibrated move aimed at supporting global market stability amid shifting supply-demand dynamics.
The decision was reached during a virtual meeting involving seven key member countries such as Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman which have been implementing voluntary production adjustments since 2023. The group said the latest adjustment forms part of a gradual rollback of earlier cuts introduced to stabilise prices.
According to OPEC+, the market outlook was reviewed against evolving global conditions, with members agreeing that a cautious, flexible approach remains necessary.
The alliance stressed that the production increase could be paused, reversed, or adjusted depending on market performance in the months ahead.
The group also reaffirmed its commitment to full conformity with the Declaration of Cooperation, while maintaining compensation mechanisms for any prior overproduction. It added that participating countries will continue monthly monitoring sessions through the Joint Ministerial Monitoring Committee (JMMC) to assess compliance and market direction.
The July adjustment reflects OPEC+’s balancing act between supporting price stability and gradually restoring supply to the market, as global economies adjust to fluctuating demand patterns, energy transition pressures, and geopolitical uncertainties influencing crude flows.
A follow-up meeting has been scheduled for July 5, 2026, where members are expected to further assess production levels and the pace of future adjustments based on prevailing market conditions.