OPEC+ output surges, yet production remains below target

OPEC+ countries participating in the group’s oil production adjustment agreement increased their output by 1.15 million barrels per day (bpd) in July 2026, but production remained significantly below agreed target levels, the International Energy Agency (IEA) said.

The IEA said the target production level for OPEC+ countries subject to voluntary output restrictions stood at 34.08 million bpd in July. Actual production by these countries, however, was 28.06 million bpd — about 6.02 million bpd below the target.

Overall OPEC+ oil production increased by 1.52 million bpd in July, reaching 34.53 million bpd.

By Vafa Guliyeva