Economy

OPEC countries’ oil production has risen significantly: what are the figures?

Oil production by the 12 member states of the Organization of the Petroleum Exporting Countries (OPEC), including the United Arab Emirates (UAE), which has withdrawn from the cartel, rose by 1.66 million barrels per day in July compared to June, reaching 23.63 million barrels, according to an OPEC report, "Komersant Ukrainian" reports, citing Reuters.

In June, the cartel’s member countries produced 21.97 million barrels of oil per day. From June to July, the largest increases in production were recorded in Saudi Arabia (+590,000 barrels per day), ⁠Iraq (+665,000 barrels per day), and Kuwait (393,000 barrels per day). In total, OPEC countries increased oil production in June–July by 4.7 million barrels per day compared to May, mainly due to a partial resumption of shipments through the Strait of Hormuz.

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The UAE decided to withdraw from OPEC and the OPEC+ alliance effective May 1, freeing itself from oil production limits, but will formally remain included in the cartel’s statistics until the end of the year.

Oil production in the OPEC+ alliance, which consists of 22 countries, including Russia, rose by 1.42 million barrels per day in July compared to June, driven solely by growth in OPEC member countries, reaching 37.66 million barrels per day.

OPEC lowered its forecast for global oil demand growth in 2026 by 0.2 million barrels per day compared to last month’s estimate, expecting it to increase by 0.58 million barrels per day from the previous year to 105.74 million barrels per day.

In 2025, according to the cartel, global oil demand stood at 105.16 million barrels per day.

OPEC slightly raised its forecast for oil demand in 2027, expecting it to grow by 2.16 million barrels per day to 107.90 million barrels per day.

According to OPEC, oil production in Russia in July 2026 declined slightly—by 6,000 barrels per day — to 8.887 million barrels per day from 8.893 million barrels per day in June. Last year, Russia averaged 9.129 million barrels per day, the cartel estimated.

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