The OPEC+, which comprises the Organisation of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies including Russia, has agreed to increase its monthly global oil-supply hikes by 50% from 432,000 bbl/d in June 2022 to 648,000 bbl/d in July and August 2022. In July 2022, both Saudi Arabia and Russia should produce over 10.8 mb/d; the OPEC10 production should reach 26.3 mb/d, that of non-OPEC producers 16.9 mb/d, and the OPEC+ production should average 42.6 mb/d.
However, the actual supply boost is likely to be smaller than the official figure as only Saudi Arabia and the United Arab Emirates (UAE) have significant volumes of spare capacity. In recent months, countries such Angola, Nigeria and Russia have been unable to raise output. The OPEC+ is unwinding production cuts of 5.8 mb/d, which were imposed in 2020. The OPEC+ aims to fully phase out cuts by around September 2022, subject to market conditions. Between August 2021 and June 2022, OPEC+ raised its output target each month by 0.4 mb/d.
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