The seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) have agreed to implement a production adjustment of 188 kb/d from the additional voluntary cuts announced in April 2023 (OPEC+ press release, 07/06/2026). For July 2026, the combined target production levels and respective increases are set as follows: Saudi Arabia (10.3 mb/d, +62 kb/d), Russia (9.8 mb/d, +62 kb/d), Iraq (4.4 mb/d, +26 kb/d), Kuwait (2.6 mb/d, +16 kb/d), Kazakhstan (1.6 mb/d, +10 kb/d), Algeria (995 kb/d, +6 kb/d), and Oman (831 kb/d, +5 kb/d). The group also decided to raise production in the same proportion in May 2026 (KEI, 05/06/2026).
This move marks the fourth consecutive monthly increase in output targets, with quotas having been raised from April to June by nearly 600 kb/d. The seven countries are continuing to increase production as part of the gradual unwinding of a 1.65 mb/d production cut agreed in 2023 by the group, which at the time also included the United Arab Emirates (UAE).