OPEC+ countries have raised oil production quotas.

      The OPEC+ member countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) have raised oil production quotas in July by 188,000 barrels per day. This is stated in the official press release of the organization. The total quota of the alliance for July will be 35.83 million b/d — excluding compensations from deal violators. Saudi Arabia and Russia, as the leaders of the alliance, will increase production by 62,000 b/d each — to 10.353 million and 9.824 million b/d respectively. Iraq has been granted the right to increase production by 26,000 b/d — to 4.378 million b/d, Kuwait — by 16,000 b/d, to 2.644 million b/d, Algeria — by 6,000 b/d, to 995,000 b/d. Kazakhstan's quota has increased by 10,000 b/d — to 1.609 million b/d, and Oman's — by 5,000 b/d, to 831,000 b/d. At the same time, Kazakhstan and Oman previously had compensation schedules for overproduction in previous months. Following the meeting, the compensation period was extended until the end of 2026. The next meeting of the ministers of the seven countries is scheduled for July 5.

      Recall that the UAE left OPEC and the OPEC+ format on May 1. The Emirates had been part of the cartel since 1967 and ranked 4th in production — 3.14 million barrels per day, or over 11% of the organization's total volume.

      OPEC and OPEC+

      OPEC is an organization of oil-exporting countries, an intergovernmental union established in September 1960 in Baghdad. The founders were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Currently, OPEC includes 12 countries, including states from the Middle East, Africa, and South America. The main task of the organization is to coordinate the oil policies of member countries, regulate oil production, and maintain price stability in the global market.

      OPEC+ is an expanded cooperation format created in 2016, which unites OPEC countries and several major oil-producing states outside the organization, including Russia, Kazakhstan, Azerbaijan, and others. A total of about 20 countries participate in the format. The goal of OPEC+ is to jointly regulate oil production volumes to stabilize the global oil market and balance supply and demand.

      The official reason for the exit is the mismatch between OPEC's policies and the long-term energy strategy of the country. Over the past 10 years, the UAE has invested heavily in production infrastructure; however, OPEC+ quotas did not allow this potential to be fully realized: from 2016 to 2025, production volume increased by only 5.5%. Experts also point to growing contradictions with Saudi Arabia in energy and regional policy.

      More news about the event:

      OPEC+ countries raised oil production quotas

      OPEC+ member countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) raised oil production quotas in July by 188,000 barrels. 16:44 07.06.2026 Business Online - Kazan

      Reuters: OPEC+ wants to increase oil production quotas

      OPEC+ is considering increasing oil production targets starting in July, Reuters reports, citing sources in the organization. 15:14 07.06.2026 Business Online - Kazan

      News from neighboring regions on the topic:

      OPEC+ maintained oil production quotas until the end of 2026

      Photo: depositphotos/bashta

      The ministerial meeting of OPEC+ countries confirmed the continuation of current oil production quotas for all alliance members until December 31, 2026. 19:56 07.06.2026 M24.Ru - Moscow

      OPEC: July increase in oil production by 188,000 barrels per day by seven member countries

      Seven countries within OPEC+ decided to increase oil production in July by 188,000 barrels per day compared to June levels. 18:16 07.06.2026 Rakurs 32 - Bryansk

      OPEC+ countries agreed to increase oil production in July

      For Russia, the maximum production level will increase by 62,000 barrels per day. Photo: generated by the neural network "Shedevrum"

      Seven OPEC+ countries, including Russia, agreed to increase maximum oil production levels starting in July. 18:03 07.06.2026 St. Petersburg Diary - St. Petersburg

      OPEC+ countries agreed to increase oil production in July

      For Russia, the maximum production level will increase by 62,000 barrels per day. Photo: generated by the neural network "Shedevrum"

      Seven OPEC+ countries, including Russia, agreed to increase maximum oil production levels starting in July. 17:37 07.06.2026 Spbdnevnik.ru - St. Petersburg

      A meeting of the Russian-Saudi Business Council was held in St. Petersburg

      The key topic of the event was strengthening cooperation between Russia and Saudi Arabia in the field of tourism, including business, recreational, cultural, religious, and medical tourism, in the context of a visa-free regime. 19:25 05.06.2026 Committee for Tourism Development - St. Petersburg