OPEC + countries to announce boost in oil output in July at meeting on Sat; by how much still unclear - Kazakh Energy Ministry

ASTANA. May 29 (Interfax) - The decision to increase oil production in July will be reached on Saturday during the next OPEC + meeting, though the exact volumes are still unclear, Deputy Energy Minister Alibek Zhamauov told Interfax.

"[The increase in oil production] for July will be announced to us on Saturday. There will be an increase, though we do not know whether it will be 400,000, 500,000, or 600,000 barrels of oil per day. They will announce it on Saturday," Zhamauov said.

The issue of July production levels will be discussed by the partners during an online meeting on May 31. OPEC+ ministers at their 39th meeting on May 28 reaffirmed previously adopted decisions, including those concerning oil production levels through the end of 2026.

Earlier, Bloomberg reported that eight OPEC+ countries are discussing whether to implement another accelerated threefold production increase in July, by 411,000 bpd. A similar move was taken in May and June.

Saudi Arabia, Russia, Iraq, the UAE, Algeria, Kuwait, Kazakhstan and Oman voluntarily cut production by 2.2 million bpd, and had planned from April to gradually phase out these restrictions by October 2026 at a pace of 130,000-140,000 bpd. However, they deviated from this plan starting in May.

The partners justify the accelerated increase by citing "healthy market conditions," as well as the opportunity it provides for countries that previously under-delivered on cuts to accelerate compensation for those amounts.