MOSCOW, August 12. /TASS/. Oil production by OPEC+ countries participating in the output reduction agreement increased by 1.383 mln barrels per day (mbd) in July 2026, OPEC reported.

Without Libya, Iran and Venezuela, which are freed from output cuts, as well as the UAE, which withdrew from OPEC and OPEC+ effective May 1, the alliance’s production volume amounted to 28.928 mbd. OPEC+ nations had also previously extended the deadline for compensating for earlier overproduction until the end of 2026, though an updated schedule has not yet been released. That said, the previous schedule envisaged the compensation period ending in June 2026. Thus, the OPEC+ quota for July, excluding compensation adjustments, stood at 35.829 mbd.