OPEC+ moves to gradually raise oil supply in July

OPEC+ has agreed to increase crude oil production by 188,000 barrels per day in July, marking a modest adjustment in output by the group’s leading producers amid ongoing efforts to manage market stability and compliance with earlier production agreements.

The decision was reached by seven key members of the alliance—Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Algeria—who continue to implement voluntary output cuts as part of broader OPEC+ supply management measures, Caliber.Az reports, citing Russian media.

According to an official statement, the planned increase reflects efforts by participating countries to accelerate compensation for previously recorded overproduction under existing voluntary cut arrangements.

The group emphasized that the adjustment will remain contingent on prevailing market conditions, underscoring its continued commitment to a cautious and flexible approach in balancing global oil supply and demand dynamics.

“OPEC+ countries will continue to closely assess market fundamentals,” the statement indicated, reiterating that gradual output increases may be paused or reversed should conditions warrant a change in policy.

The alliance has repeatedly stressed the importance of maintaining stability in global oil markets, particularly amid fluctuating demand trends and geopolitical uncertainties affecting energy supply chains.

By Vafa Guliyeva