ALGIERS, July 6 – OPEC+ has approved another increase of 188,000 barrels per day (bpd) in oil production for August, continuing its gradual plan to restore crude supplies to the global market.
The decision was announced after a virtual meeting involving seven participating countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. It also marks the third straight month the group has agreed to raise production by the same volume, following similar increases for June and July.
According to OPEC+, the additional output forms part of the phased withdrawal of the voluntary production cuts introduced in April 2023. The group said it will continue to monitor market conditions and can slow, pause or reverse the production increases if needed.
Member countries also reaffirmed their commitment to the Declaration of Cooperation and agreed to continue compensating for any overproduction recorded since January 2024. The next OPEC+ meeting is scheduled for August 2, 2026.
The newest decision comes as Nigeria works to increase crude oil production to meet its 2026 budget targets with official data showing that the country’s combined crude oil and condensate production averaged 1.73 million barrels per day in May, while natural gas output reached 7,774 million standard cubic feet per day.
However, the Nigerian National Petroleum Company (NNPC) reported lower earnings during the month. Revenue fell to N4.335 trillion in May from N4.97 trillion in April, while profit after tax declined to N462 billion from N481 billion.
Nigeria’s 2026 budget is based on crude oil production of 1.84 million barrels per day, with an upper target of 2.06 million barrels per day and an oil price benchmark of $64.85 per barrel.
Meanwhile, Brent crude was trading at about $72 per barrel on Friday as recovering Middle East exports and easing supply concerns continued to weigh on global oil prices.
