OPEC’s oil production increased in July, according to a recent survey, driven by a rebound in Saudi Arabian supply and modest gains from other members. This rise in output helped offset the impact of ongoing voluntary supply cuts by other OPEC members and the broader OPEC+ alliance.
The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.70 million barrels per day (bpd) in July, marking an increase of 100,000 bpd from June, based on shipping data and industry sources.
This increase occurred despite OPEC+—a coalition that includes OPEC members and allies like Russia—maintaining most of its output cuts until the end of 2025. These cuts aim to support the market amidst slow demand growth, high interest rates, and rising US production.
During a meeting of top OPEC+ ministers on Thursday, the group decided to keep oil output policy unchanged, including a plan to start easing one layer of output cuts from October, with the option to pause or reverse the hike if necessary.
