OPEC+ oil production quota to increase by 188,000 bpd in July, compensation period for countries violating OPEC+ deal extended until end-2026

MOSCOW. June 8 (Interfax) - Seven OPEC+ countries have decided to increase their oil production quotas by 188,000 barrels per day (bpd) in July, thus bringing the alliance's total quota for July to 35.83 million bpd, excluding overproduction compensation for countries violating the OPEC+ deal, OPEC said in a statement.

The next ministerial meeting of the seven OPEC+ countries is scheduled for July 5.

The deal leaders, Saudi Arabia and Russia, will be able to raise production next month by 62,000 bpd, to 10.35 million bpd and 9.82 million bpd, respectively. Iraq has the right to increase production by 26,000 bpd to 4.38 million bpd, Kuwait by 16,000 bpd to 2.64 million bpd, and Algeria by 6,000 bpd to 995,000 bpd.

Kazakhstan's quota has increased by 10,000 bpd to 1.61 million bpd, and Oman's by 5,000 bpd to 831,000 bpd. These countries previously had compensation schedules for overproduction in previous months. The most recent of these were presented by OPEC in April and are valid until the end of June.

The statement issued following the meeting said that the overproduction compensation period would be extended until the end of 2026.

The seven OPEC+ countries (formerly the eight OPEC+ countries, but the United Arab Emirates withdrew from the deal) meet monthly, as only their production quotas are currently being adjusted. In April, they decided to resume quota increases, which had been previously suspended for the first quarter. This means returning to the market the previously adopted 1.65 million bpd cut (1.5 million bpd without the UAE's share), and taking into account the decision for July, approximately 400,000 bpd remains to be returned to the market.

However, despite the quota increase, actual production by OPEC+ countries remains below plan because not all countries are able to raise production. Among the seven OPEC+ countries, Russia has not reached its permitted production level since November 2025. Furthermore, amid the Middle East conflict, Saudi Arabia, Iraq, and Kuwait had to drastically reduce production: production in these countries was 8.3 million bpd below the permitted level at the end of April. Meanwhile, Kazakhstan continues to exceed its quota largely.