OPEC+ countries’ quota to increase by more than 1 mbd in July

OPEC+ countries’ quota to increase by more than 1 mbd in July In light of this, the oil production limit for OPEC+ states stands at 30.633 mbd in July, compared to 29.548 mbd in JunMOSCOW, July 1. /TASS/. The oil production quota for OPEC+ seven countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) will increase by 1.085 mln barrels per day (mbd) in July compared to June to 30.633 mbd, according to TASS calculations. At their latest meeting, seven leading OPEC+ nations decided to increase oil production in July by 188,000 barrels per day (relative to June levels). OPEC+ countries also extended the deadline for compensating for previous overproduction to the end of 2026, though an updated schedule has not yet been released. The previous schedule envisaged the compensation period ending in June 2026. In light of this, the oil production limit for OPEC+ states stands at 30.633 mbd in July, compared to 29.548 mbd in June, according to TASS calculations. Thus, the authorized production volume is increasing by 1.085 mbd month-on-month. 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