In a recent virtual meeting, seven OPEC+ countries announced a production increase of 188,000 barrels per day (bpd) for July 2026, mirroring a similar decision made for June 2026. This adjustment comes as part of the group's strategy to gradually ease voluntary supply cuts. The participating nations—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—agreed on specific increases, with Saudi Arabia and Russia each raising output by 62,000 bpd, while Iraq, Kuwait, Kazakhstan, Algeria, and Oman will increase by 26,000, 16,000, 10,000, 6,000, and 5,000 bpd respectively. OPEC emphasized the importance of market stability and flexibility, stating that adjustments could be modified based on evolving market conditions. The group also reiterated its commitment to compensate for any overproduction since January 2024, extending the compensation period to December 2026. Monthly meetings will continue, with the next one scheduled for July 5, 2026, to evaluate market dynamics and production compliance.