OPEC+ Increases July Oil Production by 188,000 Barrels Per Day

KUWAIT CITY, Kuwait — OPEC+ member countries agreed Sunday to raise oil production by 188,000 barrels per day in July compared with June levels. Iraq, Russia, Saudi Arabia, Kazakhstan, Kuwait, Oman and Algeria announced the decision. The increase is designed to accelerate compensation plans from countries that have been producing above their allocated quotas. Under the July 2026 production quotas, Russia is set to produce 9.824 million barrels per day, Saudi Arabia 10.353 million barrels per day, and Iraq 4.378 million barrels per day. Kuwait's quota stands at 2.644 million barrels per day, Kazakhstan at 1.608 million barrels per day, Algeria at 995,000 barrels per day, and Oman at 831,000 barrels per day. The group also extended the timeframe for countries that exceeded their quotas to fulfill their compensation obligations. The compensation period had previously been scheduled to end in June 2026.