OPEC+ Alliance Raises Oil Production Quotas for July 2026

The OPEC+ alliance announced on Sunday an increase in its oil production by 188,000 barrels per day starting July 2026, relative to June levels. This decision, detailed in a joint statement by member states including Iraq, Russia, Saudi Arabia, Kazakhstan, Kuwait, Oman, and Algeria, aims to help these nations accelerate their plans to compensate for past production exceeding agreed quotas. Under the new resolution, July 2026 production quotas will be 9.824 million barrels per day for Russia, 10.353 million for Saudi Arabia, 4.378 million for Iraq, 2.644 million for Kuwait, 1.608 million for Kazakhstan, 995,000 for Algeria, and 831,000 for Oman. The alliance also extended the period for countries to offset previous production surpluses, originally set to end by June 2026.