The alliance of major oil producing nations known as OPEC+ is expected to approve another increase in oil production targets for July, even as geopolitical tensions continue to disrupt global energy markets. According to sources familiar with the discussions, the planned increase is expected to be around 188,000 barrels per day (bpd), similar to the rise approved for June.
The move is part of OPEC+’s ongoing strategy to gradually reverse voluntary production cuts introduced in 2023. Seven key producers Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman have been coordinating these adjustments while closely monitoring market conditions.
However, actual oil production remains below official quotas due to disruptions caused by regional conflicts, including tensions involving Iran and shipping constraints affecting the Strait of Hormuz. These disruptions have reduced exports from several producers and contributed to higher oil prices.
OPEC officials maintain that global oil demand remains strong. OPEC Secretary General Haitham Al Ghais recently stated that the organization still expects global oil demand to grow by about 1.2 million barrels per day in 2026, despite ongoing geopolitical uncertainty.
The upcoming OPEC+ meeting is expected to focus on balancing market stability with the need to ensure sufficient supply. Analysts say the July increase is intended to signal confidence in the market and demonstrate that the group remains committed to its gradual supply restoration plan.
