OPEC Production Rebounds Led by Saudi Arabia, With 100,000 bpd Increase in Output

Up from 26.60 million bpd in June, the Organization of the Petroleum Exporting Countries pumped 26.70 million bpd in July.

According to a Reuters survey released on Friday, OPEC oil output increased in July as the wider OPEC+ alliance and other members’ continued voluntary supply curbs were somewhat offset by a recovery in Saudi Arabia’s supply and minor rises elsewhere.

Based on shipping statistics and information from industry sources, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26.70 million barrels per day (bpd) last month, up 100,000 bpd from June.

The increase occurs in spite of the fact that OPEC+, which is made up of OPEC and allies like Russia, plans to maintain the majority of its output cuts through the end of 2025 in order to support the market against the backdrop of slowing demand growth, rising interest rates, and increasing U.S. production.

Leading OPEC+ ministers met on Thursday and maintained the current oil output strategy, which includes a plan to begin removing the first layer of output limits that were implemented in October. They also reiterated that the increase may be stopped or reversed if necessary.