Overview

• Delegates confirmed a 411,000 barrels per day increase for July, marking the group’s third consecutive monthly output rise.
• Discussions considered a larger boost after eight members outpaced their quotas, but the coalition settled on the identical 411,000 bpd figure.
• Russia advocated pausing further supply hikes, signaling divisions among OPEC+ leaders over the pace of output expansion.
• Kazakhstan’s continued production above its assigned limits has prompted OPEC+ to leverage incremental increases as a penalty for quota breaches.
• Persistent output growth has driven Brent futures to around $63 per barrel, risking a wider Saudi budget gap that the IMF says requires prices above $90 to balance.