Vienna: The OPEC+ alliance resolved to increase oil production by 411,000 barrels per day in July 2025, relative to the required production level for June, an adjustment equivalent to three monthly increments.

According to Qatar News Agency, this decision followed a virtual meeting convened by eight member states of the OPEC+ group, namely Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, to review oil market developments and recalibrate future production outlooks amid shifting global demand dynamics.

The eight countries reaffirmed their commitment to the declaration of cooperation, including the additional voluntary production adjustments endorsed during the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC), convened on April 3, 2024.

They reiterated their unflagging resolve to offset the full surplus production volumes accumulated since January 2024, underlining their intention to hold monthly meetings to closely monitor market dynamics, assess compliance levels, and oversee the execution of compensation plans.

The next meeting is slated for July 6 to decide on the production levels for August.