OPEC Meet
Eight members of OPEC, allies agree to hike output by 411,000 bpd in July
This story was originally published at 17:23 IST on 31 May 2025
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--OPEC, allies agree to hike production by 411,000 bpd in July
MUMBAI – Eight member nations of the Organization of the Petroleum Exporting Countries and its allies have agreed to continue to increase production by 411,000 barrels per day for the third consecutive month in July, according to an official statement by the cartel after a virtual meeting on Saturday.
This is equivalent to three monthly increments and will see key member states Saudi Arabia and Russia increase production, according to the release. "The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability."
The eight members of OPEC--Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman--and its allies had announced the gradual unwinding of the voluntary production cuts in March. The nations will meet on Jul. 6 to decide on the production levels for August, the cartel said.
The following shows the required production by each of the eight member nations in July compared with June in thousand barrels per day:
| Country | Required production in July | Required production in June |
| Algeria | 936 | 928 |
| Iraq | 4,122 | 4,086 |
| Kuwait | 2,488 | 2,466 |
| Saudi Arabia | 9,534 | 9,367 |
| UAE | 3,169 | 3,092 |
| Kazakhstan | 1,514 | 1,500 |
| Oman | 782 | 775 |
| Russia | 9,240 | 9,161 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Deepshikha Bhardwaj
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