OPEC+ adds 411K BPD to July oil supply

Shafaq News/ On Saturday, OPEC+ announced that eight member states will increase oil production in July by a combined 411,000 barrels per day (bpd) compared to June levels, citing improved market fundamentals.

The countries participating in the adjustment are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Algeria, Oman, and Kazakhstan.

This increase follows signs of tightening global oil inventories and a more favorable economic outlook. OPEC views these shifts as “crucial” for a gradual recalibration of production to support stability in the energy market.

The eight producers had earlier committed to a voluntary output cut of 1.65 million bpd, which remains in effect through the end of 2026. They also began unwinding an additional voluntary cut of 2.2 million bpd starting in April.

The July adjustment marks the third stage in the phased rollback, following identical increases of 411,000 bpd in both May and June.