Shafaq News- Baghdad/ Vienna

Iraq and six other members of the OPEC+ alliance agreed on Sunday to increase oil production by a combined 188,000 barrels per day from July 2026, extending a series of monthly output increases aimed at gradually unwinding earlier supply cuts.

The decision, reached during a virtual meeting involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, will lift Baghdad’s production target by 26,000 barrels per day to 4.378 million barrels per day, while Riyadh and Moscow will each increase output by 62,000 barrels per day, bringing their respective targets to 10.353 million and 9.824 million barrels per day.

The boost forms part of the gradual rollback of voluntary production cuts first announced in April 2023. According to OPEC+, the seven countries maintained that the production adjustments remain subject to change and could be paused or reversed depending on market developments.

July’s increase marks the fourth monthly hike, and matches the June hike, which was reduced from the 206,000-barrel-per-day increase implemented in April and May following the UAE's departure from OPEC.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability.Read Press Release ➡️ https://t.co/CobaRbgRK2

— OPEC (@OPECSecretariat) June 7, 2026