MOSCOW, August 12. /TASS/. The seven OPEC+ countries implementing voluntary oil output cuts produced 24.296 million barrels per day (bpd) in July 2026, marking an increase of 1.424 million bpd compared to June, according to the OPEC monthly report.

Under the current agreement, the seven was scheduled to increase production in July by 188,000 bpd month-on-month due to higher quotas. OPEC+ countries had also previously extended the deadline to compensate for past overproduction until the end of 2026, though the updated schedule has not yet been published. The previous timeline slated the end of the compensation period for June 2026. The group's July quota, excluding compensations, stood at 30.633 million bpd.

Among the seven nations, Algeria increased oil production by 8,000 bpd in July, Iraq ramped up by 665,000 bpd, Kuwait boosted output by 393,000 bpd, and Saudi Arabia expanded production by 590,000 bpd. At the same time, Oman reduced its oil output by 3,000 bpd, Kazakhstan cut production by 223,000 bpd, and Russia trimmed output by 6,000 bpd.