Shafaq News- Baghdad/ Vienna
Iraq and six other members of the OPEC+ alliance agreed onSunday to increase oil production by a combined 188,000 barrels per day fromJuly 2026, extending a series of monthly output increases aimed at graduallyunwinding earlier supply cuts.
The decision, reached during a virtual meeting involvingSaudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, will liftBaghdad’s production target by 26,000 barrels per day to 4.378 million barrelsper day, while Riyadh and Moscow will each increase output by 62,000 barrelsper day, bringing their respective targets to 10.353 million and 9.824 millionbarrels per day.
The boost forms part of the gradual rollback of voluntaryproduction cuts first announced in April 2023. According to OPEC+, the sevencountries maintained that the production adjustments remain subject to changeand could be paused or reversed depending on market developments.
July’s increase marks the fourth monthly hike, and matchesthe June hike, which was reduced from the 206,000-barrel-per-day increaseimplemented in April and May following the UAE's departure from OPEC.