All posts tagged in OPEC+

Ahead of a planned output increase next month, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to raise oil production by 188,000 barrels per day (bpd) from July 2026, citing the need to support stability in the global oil market. The decision was reached during a virtual meeting held on Sunday by seven OPEC+ member countries that had previously implemented additional voluntary production cuts in April and November 2023. The countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. In a statement issued after the meeting, OPEC said the participating countries reviewed current global market conditions and future outlook before agreeing on the adjustment. “In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” the group said. According to OPEC, the increase will take effect in July 2026 and may be adjusted depending on future market developments. OPEC+ Retains Flexibility The oil-producing alliance said it would continue to monitor market conditions closely and maintain flexibility in managing output levels. “The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner,” the statement added. OPEC noted that the seven countries reserve the right to increase, pause or reverse the phase-out of voluntary production cuts, including those introduced in November 2023, depending on market requirements. The group said the latest move would also allow participating countries to accelerate compensation for previous overproduction. Commitment To Market Stability The alliance reaffirmed its commitment to full compliance with the Declaration of Cooperation and all agreed production targets, with monitoring to continue through the Joint Ministerial Monitoring Committee (JMMC). OPEC also pledged that member countries would fully compensate for any excess production recorded since January 2024, extending the compensation period until the end of December 2026. The organisation said the seven participating countries would continue holding monthly meetings to assess market conditions, production conformity and compensation efforts. The next meeting of the group is scheduled for July 5, when members will review the impact of the latest production adjustment and consider further measures if necessary. The decision comes as oil producers seek to balance supply and demand amid ongoing uncertainty in global energy markets, while maintaining price stability and supporting long-term market confidence. Also Read: FG Launches $100m Mini-Grid Power Projects in Kogi

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All posts tagged in OPEC+

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