OPEC+ Members To Up Output by 411,000 Bpd in July

Saudi Arabia’s Ministry of Energy announced that the eight member countries of OPEC+—which include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting today, May 31, to review developments in the oil market and its future outlook.

 

These countries had earlier announced additional voluntary adjustments in April and November of 2023.

 

Saudi Arabia and other OPEC+ members decided to raise oil production by 411,000 barrels per day (bpd) in July 2025 compared to the required production level in June 2025. This adjustment is equivalent to three monthly increases, as detailed in the table below.

 

According to a statement published by the Ministry, the decision was taken in light of the stable future prospects for the global economy and the current positive market fundamentals—as evidenced by the decline in oil inventories—and based on the agreement reached during the Dec. 5, 2024 meeting regarding the gradual and flexible restoration of voluntary production adjustments totaling 2.2 million barrels per day starting April 1, 2025.

 

The increases are subject to modification or temporary suspension depending on market conditions, providing the group with the flexibility needed to support market stability.

 The eight OPEC+ member countries also stated that this measure will give participating nations an opportunity to accelerate compensation efforts.

 

The eight countries reaffirmed their commitment to the Declaration of Cooperation, including the additional voluntary adjustments agreed upon during the 53rd meeting of the Joint Ministerial Monitoring Committee held on April 3, 2024, and confirmed their determination to fully compensate for excess production since January 2024.

 

The group will hold monthly meetings to monitor market developments, compliance levels, and the implementation of compensation plans. 

The next meeting is scheduled for July 6, 2025, to decide on production levels for August.