Seven OPEC+ Countries to Raise July Oil Output by 188,000 Barrels per Day

Seven OPEC+ countries have agreed to raise oil output by about 188,000 barrels per day in July, marking another step in the group’s recent effort to ease voluntary supply curbs and support market stability, according to Asharq al-Awsat. The decision was finalized on Sunday and was described by the newspaper as the fourth such increase since the closure of the Strait of Hormuz.

The move was reported in several related stories from Asharq al-Awsat, which said the increase will begin next month and was approved by seven members of the broader OPEC+ alliance. The reports said the countries were acting together under a voluntary arrangement, rather than a formal change to the group’s wider production targets.

The decision comes at a time of heightened attention on global energy markets. Asharq al-Awsat said the ministerial meeting took place under “exceptional circumstances,” reflecting uncertainty around supply, prices and broader geopolitical risks. The newspaper said the producers aimed to help preserve stability in the market by adding more barrels.

OPEC+ has spent recent years balancing support for oil prices against concerns about demand and supply disruptions. In June 2023, Russia said the wider group had agreed to adjust production levels in order to secure market stability and create predictability, while Saudi Arabia separately announced a voluntary cut at the time, according to the Russian government’s account of the meeting. That history helps explain why even relatively small monthly adjustments now draw close scrutiny from traders and governments.

The latest increase is likely to matter most for consumers, refiners and energy-importing countries watching fuel costs and crude availability. It also underscores the influence of the alliance’s biggest producers, who can shift expectations in markets even when the changes are modest in absolute terms.

What happens next will depend on whether the group continues with further monthly adjustments or pauses to assess market conditions. Asharq al-Awsat’s coverage suggests the seven countries see the July increase as part of a broader, coordinated approach rather than a one-off decision, with the next OPEC+ meetings expected to determine whether more supply will be added later in the summer.