OPEC+ to Raise Oil Production Cap by 118,000 Bpd From July — Statement
In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, Texas. Demand for oil continues to fall due to the new coronavirus outbreak.
MOSCOW (Sputnik) — The seven OPEC+ countries, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, have decided to increase the maximum level of oil production by 118,000 barrels per day (bpd) starting in July, according to an OPEC communique following the meeting on Sunday. «In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in July 2026,» the statement read. Russia was allowed to increase oil production in July by 62,000 barrels per day compared to June, to 9.824 million barrels per day, according to the communique. In June, the maximum permitted oil production in Russia stood at 9.762 million barrels per day. Saudi Arabia is allowed to increase oil production in July under the OPEC+ deal to 10.353 million barrels per day. According to the schedule, the maximum allowed production level will rise by 62,000 barrels per day. 
WorldOPEC Expresses Gratitude to Russia for Commitment to Balancing Oil Market4 May, 16:08 GMTKazakhstan will be able to increase oil production in July by 10,000 barrels per day, excluding overproduction compensation schedules, to 1.608 million barrels per day, and Algeria by 6,000 barrels per day, to 995,000 barrels per day. Kuwait was allowed to increase oil production in July compared to June by 16,000 barrels per day, to 2.644 million barrels per day; Oman by 5,000 barrels per day, to 831,000 barrels per day; and Iraq by 26,000 barrels per day, to 4.378 million barrels per day, according to the communique. In June, the maximum permitted oil production in Kuwait was 2.628 million barrels per day, in Oman — 826,000 barrels per day, and in Iraq — 4.352 million barrels per day.
