Iraq and six other OPEC+ countries will increase oil production next month.
Iraq and six other OPEC+ countries will increase oil production next month.
2026-06-07
Shafaq News – Follow-up
Iraq and six other OPEC+ member states decided, in a virtual meeting held on Sunday, to implement a production adjustment with an increase of 188,000 barrels per day starting in July 2026.
The alliance announced in a statement that the seven countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – made this decision after reviewing global market conditions and forecasts, as part of their collective commitment to supporting oil market stability. This adjustment follows a series of gradual increases in the voluntary production cuts announced in April 2023.
The increase of 188,000 barrels per day is distributed among the seven countries as follows, according to the statement:
Saudi Arabia: Increases its production by 62,000 barrels per day to reach the required level of 10.353 million barrels per day.
Russia: Increases its production by 62,000 barrels per day to reach the required level of 9.824 million barrels per day.
Iraq: Increases its production by 26,000 barrels per day to reach the required level of 4.378 million barrels per day.
Kuwait: Increases its production by 16,000 barrels per day to reach the required level of 2.644 million barrels per day.
Kazakhstan: Increases its production by 10,000 barrels per day to reach the required level of 1.608 million barrels per day.
Algeria: Increases its production by 6,000 barrels per day to reach the required level of 995,000 barrels per day.
Oman: Increases its production by 5,000 barrels per day to reach the required level of 831,000 barrels per day.
The alliance confirmed in its statement that the voluntary adjustments announced in April 2023 “may be reversed in whole or in part depending on evolving market conditions and in a gradual manner,” stressing that it retains “full flexibility” to lift, freeze or reverse the plan at any time, including reversing the voluntary reductions announced in November 2023.
The statement called on member states to accelerate their compensation for excess production volumes accumulated since January 2024, with the compensation period extended until the end of December 2026.
The statement indicated that this measure will allow non-compliant countries the opportunity to expedite settlement, within the framework of the “Declaration of Cooperation,” while the Joint Ministerial Monitoring Committee (JMMC) will monitor compliance levels among member states.
The seven countries decided to hold regular monthly meetings to monitor market conditions and compliance levels, with the next meeting scheduled for July 5, 2026.
shafaq.com
