OPEC+ countries intend to expand monthly oil production

Several members of the OPEC+ group intend to expand daily oil production from August, marking the fifth consecutive monthly increase as the group gradually unwinds production cuts announced in 2023.

Seven OPEC+ countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — met virtually on July 5, 2026, to review global market conditions and outlook. Following that meeting, the countries agreed to raise output by 188,000 barrels daily from August.

OPEC+ includes the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, including Russia, Bahrain and Oman. These countries collectively manage about 40% of the world's oil supply. Notably, the United Arab Emirates — formerly one of the group's largest producers — departed OPEC+ earlier this year. 

The production boost is part of a phased rollback of cuts agreed in 2023.

In Sunday's release, it was noted: "The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023."

The seven OPEC+ countries are expected to hold monthly meetings to review market conditions, conformity, and compensation. Representatives will again meet on August 2, 2026.

The Iran war and closure of the crucial Strait of Hormuz caused major global energy disruptions, with some countries bracing for depletion of their fuel reserves at times. This caused oil prices to jump to about US$126 per barrel, though prices have since fallen sharply. Brent crude was trading at around US$72 per barrel on Monday.

US President Donald Trump and Iranian President Masoud Pezeshkian signed their memorandum of understanding on ending the war on June 17, though the situation remains volatile. Now, countries await a permanent end to the Iran conflict and normal shipping through the Strait of Hormuz.