Iraq, along with seven other OPEC+ countries, has announced plans to raise oil boost in Iraq and OPEC+ in July. This decision follows a virtual meeting among members to assess current market trends and future projections. The move reflects a shared effort to balance global supply and ensure economic stability.
The participating countries include Saudi Arabia, Russia, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. They agreed to gradually modify output by 411,000 barrels per day starting in July. This is part of a broader strategy to restore 2.2 million barrels per day in voluntary cuts announced earlier. Iraq’s energy leadership supports this phased return.
The decision made in December remains central to the group’s approach. However, all eight members emphasized that the increase could be delayed or reversed. Market shifts or weak demand could change course. This flexibility, they said, allows the group to adapt and avoid instability.
The output increase is a planned oil boost in Iraq and OPEC+ designed to ensure a smooth return to earlier production levels. Countries that previously reduced output voluntarily will now begin easing those restrictions. The process began in April and continues in measured steps.
The Joint Ministerial Monitoring Committee (JMMC) remains in charge of overseeing compliance. It held its 53rd session in April and will reconvene on July 6. Members will evaluate conditions and decide August production targets. Iraq, like others, must also make up for any overproduction since January.
This planned oil boost in Iraq and OPEC+ is not just about quantity. The group wants member countries to speed up compensation for earlier output excess. All eight nations agreed to continue regular reviews to stay aligned with global needs.
By staying flexible and adjusting monthly, Iraq and its partners aim to avoid shocks. This strategy keeps oil markets balanced while addressing internal and external factors. Ongoing cooperation remains key.
This planned oil boost in Iraq and OPEC+ shows the group’s unified goal: managing output while protecting both national and international energy interests. With global energy demands changing, strategic coordination remains essential.