Opec-plus Increases July Oil Production Target

The eight countries within the Opec-plus alliance decide that oil production in July will be significantly higher than what was previously planned.

» Published: May 31 2025

Opec-plus Increases July Oil Production Target
Photo: Amr Nabil/AP/TT

Share this article

The decision made at a video meeting on Saturday means producing 411,000 barrels per day in July, which is the same level as in May and June but is significantly higher than what was previously stated.

OPEC-plus includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

Sources tell Bloomberg that the decision was made despite objections from Russia, Algeria, and Oman.

But the heavyweight Saudi Arabia pushed through, among other things, to punish Iraq and Kazakhstan, which have produced significantly more oil than their quotas allowed for some time.

In the official justification for the increase in July, the cartel writes that it is due to "stable global economic prospects and current sound market fundamentals, which are reflected in the low oil inventories".

The new decision will most likely result in lower world market prices for oil, something that not least US President Donald Trump has requested.

In April, the oil price fell to below 60 dollars per barrel, the lowest in four years, but have since risen somewhat.

Sea oil (brent) is now at 62.78 dollars per barrel. The American WTI oil is at 60.79 dollars per barrel.

On July 6, the cartel will meet again to determine production targets for August.

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

Germany Achieves Gas Stock Goal Two Months Ahead of Schedule
1 MIN READ

Germany Achieves Gas Stock Goal Two Months Ahead of Schedule

Investigator Recommends Against Reintroducing Cousin Inheritance Rights in Sweden
2 MIN READ

Investigator Recommends Against Reintroducing Cousin Inheritance Rights in Sweden

China's Manufacturing Industry Slows in August Despite Stabilized US Trade Relations
2 MIN READ

China's Manufacturing Industry Slows in August Despite Stabilized US Trade Relations

Court Rules Trump's Trade Tariffs Illegal in Judicial Setback
2 MIN READ

Court Rules Trump's Trade Tariffs Illegal in Judicial Setback

Swedish Electric Boat Maker Candela Expands Production to USA
3 MIN READ

Swedish Electric Boat Maker Candela Expands Production to USA

Dousa on Verdict: Tariffs Likely to Persist Despite Court Ruling
1 MIN READ

Dousa on Verdict: Tariffs Likely to Persist Despite Court Ruling

Rice Trade Dispute Halts US-Japan Customs Talks
1 MIN READ

Rice Trade Dispute Halts US-Japan Customs Talks

Court Rules Most Trump Tariffs Illegal but Allows Temporary Continuation
2 MIN READ

Court Rules Most Trump Tariffs Illegal but Allows Temporary Continuation

Klarna Prepares for New York Stock Exchange Debut
1 MIN READ

Klarna Prepares for New York Stock Exchange Debut

Sanctions Loom for Companies Trading with Russia
1 MIN READ

Sanctions Loom for Companies Trading with Russia

Wall Street Declines After July Inflation Data Released
2 MIN READ

Wall Street Declines After July Inflation Data Released

The Job Market in Sweden is Cooling Down - Significant Differences Between Industries

The Job Market in Sweden is Cooling Down - Significant Differences Between Industries

US Inflation Steady at 2.6 Percent in July
1 MIN READ

US Inflation Steady at 2.6 Percent in July

Extended Nuclear Shutdown Raises Electricity Prices in Southern Sweden
2 MIN READ

Extended Nuclear Shutdown Raises Electricity Prices in Southern Sweden

Price Pressure Reduces Alibaba's Second Quarter Profit
1 MIN READ

Price Pressure Reduces Alibaba's Second Quarter Profit

Ikano Bank Reports Loss Amid 670 Million Kronor Credit Losses
1 MIN READ

Ikano Bank Reports Loss Amid 670 Million Kronor Credit Losses

Norway and US Senator Clash Over Oil Fund's Caterpillar Divestment
1 MIN READ

Norway and US Senator Clash Over Oil Fund's Caterpillar Divestment

Tesla Denied New Charging Stations Amid Swedish Union Strikes
1 MIN READ

Tesla Denied New Charging Stations Amid Swedish Union Strikes

No Decision Yet in Legal Battle Between Lisa Cook and Trump
2 MIN READ

No Decision Yet in Legal Battle Between Lisa Cook and Trump

Stockholm Stock Exchange Sees Five Consecutive Days of Decline
2 MIN READ

Stockholm Stock Exchange Sees Five Consecutive Days of Decline