Iraq and six other OPEC+ members are moving to increase oil production during July.
Iraq and six other OPEC+ members are moving to increase oil production during July.
2026-05-21
Shafaq News – Special Translation
Sources within the OPEC+ alliance revealed that major producers are moving towards raising oil production targets for next July, despite the continued supply disruptions resulting from the crisis in the Strait of Hormuz.
Reuters quoted informed sources as saying that seven key countries in the alliance, including Iraq, Saudi Arabia, Kuwait and Russia, are expected to agree during their meeting scheduled for June 7 to a new increase in production of about 188,000 barrels per day.
According to the sources, this would be the fourth consecutive increase since April, although its actual impact will remain limited due to the continued disruption of oil exports through the Strait of Hormuz as a result of regional tensions and the war related to Iran.
Reuters noted that OPEC production has declined sharply in recent months, following a drop in exports from Gulf countries, particularly Iraq, Saudi Arabia and Kuwait, which are among the most prominent producers capable of increasing supplies within the alliance.
In this context, the International Energy Agency warned that the oil market could enter the “red zone” during the months of July and August, with rising summer demand, declining global inventories, and continued disruption to supplies from the Middle East.
shafaq.com
