OPEC+ Countries Have Decided To Increase Oil Production

For the fourth month in a row.

Seven OPEC+ member countries have agreed to a modest increase in oil production targets—the fourth such increase in recent months—despite the fact that the U.S. conflict with Iran continues to hinder production increases by several members of the group.

According to Reuters, production quotas for seven OPEC+ countries, including Russia and Saudi Arabia, will increase by 188,000 barrels per day in July, matching the increase seen in June. Russia’s quota in July will be 9.824 million barrels per day.

The group’s actual production fell sharply due to reduced exports by Gulf countries, averaging 33.19 million barrels per day in April compared to 42.77 million in February, according to OPEC data.

The next meeting of the seven OPEC+ countries will take place on July 5; the monitoring committee will continue to meet once every two months, as before. The major OPEC+ ministerial meeting is scheduled for November 29.

A statement from the alliance on Sunday said that the countries will continue to closely monitor and assess the market situation. As part of efforts to maintain market stability, they reaffirmed the importance of a cautious approach and maintaining full flexibility regarding increases, suspending, or reversing the phased withdrawal of voluntary production adjustments, including the reversal of previously implemented voluntary adjustments announced in November 2023.

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