The OPEC Plus alliance, consisting of eight member countries including the UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, has announced a targeted increase in oil production levels by 411,000 barrels per day for July 2025. This decision reflects a deliberate approach to adjust production in relation to expected demand levels, taking into account three prior monthly increases.

The announcement was made following a virtual meeting held by the eight member states to review the current global market conditions and future trends.

The decision is based on the healthy fundamentals observed within the oil market and stable global economic forecasts.

Additionally, the decrease in oil inventory levels has backed this production increase.

This decision aligns with the agreement reached on December 5, 2024, regarding a gradual and flexible return to the previously implemented voluntary production cuts amounting to 2.2 million barrels per day, which started on April 1, 2025.

OPEC Plus has indicated that these gradual increases remain subject to potential halts or reversals depending on market developments, therefore providing the coalition with the flexibility needed to support oil market stability.

This approach is intended to allow member countries to accelerate the compensation for any production surplus.

The alliance has reiterated its collective commitment to achieve full compliance with the framework of cooperation, which includes additional voluntary adjustments to production levels.

These adjustments will be monitored by the Joint Ministerial Monitoring Committee during its 53rd meeting scheduled for April 3, 2024. Furthermore, member states have expressed their intention to fully compensate for any production overages incurred since January 2024.

Regular monthly meetings will be held to review market conditions, compliance levels, and compensation schedules, with the next meeting set for July 6, 2025, to determine production levels for August.