Seven OPEC+ countries have decided to increase their oil production quotas by 188,000 barrels per day (bpd) in July, thus bringing the alliance’s total quota for July to 35.83 million bpd, excluding overproduction compensation for countries violating the OPEC+ deal, OPEC said in a statement.
The next ministerial meeting of the seven OPEC+ countries is scheduled for July 5.
The deal leaders, Saudi Arabia and Russia, will be able to raise production next month by 62,000 bpd, to 10.35 million bpd and 9.82 million bpd, respectively. Iraq has the right to increase production by 26000 bpd to 4.38 million bpd, Kuwait by 16000 bpd to 2.64 million bpd, and Algeria by 6000 bpd to 995,000 bpd.
Kazakhstan’s quota has increased by 10000 bpd to 1.61 million bpd, and Oman’s by 5000 bpd to 831000 bpd. These countries previously had compensation schedules for overproduction in previous months. The most recent of these were presented by OPEC in April and are valid until the end of June.
The statement issued following the meeting said that the overproduction compensation period would be extended until the end of 2026.
However, despite the quota increase, actual production by OPEC+ countries remains below plan because not all countries are able to raise production.
