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النهار
OPEC+ nations boost July oil output by 188K barrels
Seven countries in the OPEC+ alliance—namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—concluded their virtual meeting on June 7, 2026, with an agreement to increase oil production by 188,000 barrels per day starting from July 2026. The increase has been allocated among the countries according to predetermined targets, with the alliance emphasizing its flexibility to adjust or halt this decision based on developments in the global market. This is part of its commitment to maintaining oil market stability. The statement also underlined the importance of compensating for the excess production volumes since January 2024, extending the compensation period until the end of 2026, with monthly meetings to monitor the market conditions.
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