Iraq and OPEC+ members plan to raise oil output in July
Baghdad (IraqiNews.com) – Eight OPEC+ member countries, including Iraq, met virtually on Saturday to review global market dynamics and outlook.
The eight OPEC+ countries, which previously announced further voluntary adjustments in April and November 2023, are Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, according to OPEC+.
The eight member countries plan to implement an output modification of 411,000 barrels per day in July 2025, in accordance with the decision made in December 2024. This decision allows for a gradual and flexible return to the previously agreed voluntary adjustments of 2.2 million barrels per day, starting in April 2025.
The planned gradual increases may be postponed or reversed if market conditions fluctuate. This flexibility will enable the organization to maintain its commitment to oil market stability.
The eight OPEC+ countries also stated that this strategy will allow member countries to hasten their compensation.
The eight countries reaffirmed their commitment to achieving full compliance with the Declaration of Cooperation, including the extra optional output adjustments that were agreed to be reviewed by the Joint Ministerial Monitoring Committee (JMMC) at its 53rd meeting in April 2024.
OPEC+ members reiterated their plan to completely compensate for any overproduction volume since January 2024. They will meet monthly to discuss market circumstances, compliance, and compensation, with their next meeting to be held on July 6, 2025, to decide on August production levels.
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