Eight OPEC+ countries will increase oil production by 411,000 barrels per day in July 2025 as part of a gradual rollback of voluntary supply cuts initially announced in 2023.
The decision follows a virtual meeting on May 31, 2025, between Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman. The group cited stable economic growth, low oil inventories and market fundamentals as reasons for proceeding with the planned tapering of output cuts.
The July increase is part of a phased reversal of the 2.2 million barrels per day in voluntary cuts agreed in April and November 2023. The return of volumes began in April 2025 and will continue in monthly increments, subject to market conditions. The group said the increases may be paused or reversed if necessary.
This decision aligns with the broader OPEC+ agreement reached on December 5, 2024, to reintroduce production flexibly. The countries reaffirmed their commitment to the Declaration of Cooperation and confirmed their intention to compensate for any excess production since January 2024.
The Joint Ministerial Monitoring Committee (JMMC), which oversees compliance, will continue to review output and compensation levels on a monthly basis. The next meeting is scheduled for July 6, 2025, when the group will determine production levels for August.
Recent data from the International Energy Agency (IEA) indicate that global oil demand remains resilient, with inventories currently below five-year averages. Brent crude was trading near $84 per barrel at the end of May, reflecting market expectations of tighter supply in the second half of 2025.
