Eight OPEC+ countries have announced that they will increase oil output by 411 kb/d in July 2025 from the June 2025 required production level, a production hike larger than originally expected. Indeed, the eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, had originally planned to raise output by 134 kb/d in July 2025.
In early May 2025, these eight OPEC+ countries had already announced a production adjustment of 411 kb/d as well in June 2025 from May 2025 required production level.
In November 2023, OPEC+ producers had agreed to voluntary output cuts totalling 2.2 mbl/d for the first quarter of 2024, in order to support prices and stabilise the market. These additional production cuts were then extended to the end of 2024 and to the end of March 2025. In early March 2025, these 8 producers agreed to start reversing their 2.2 mbl/d voluntary output cuts over an 18-month period from April 2025 to September 2026.
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