OPEC+ Produced Around 34.53 Million Barrels per Day, Remaining 6 Million Barrels Below Target

The OPEC+ alliance produced around 34.53 million barrels per day in July 2026, according to recent alliance data, at a time when total production remains about 6.02 million barrels per day below the official target.

This difference reflects the continued collective commitment of the alliance countries to the voluntary cut mechanisms agreed upon over recent rounds of meetings, as member states seek to support prices in the face of growing supply pressures.

Saudi Arabia and Russia stand out as the two largest producers within the alliance, playing a pivotal role in determining actual production levels and regulating the flow to global markets in line with price stability objectives.

Expectations indicate that the alliance will continue to review production levels during upcoming meetings, amid close monitoring of global demand and economic growth forecasts, with the potential to adjust the ceiling if dictated by the need to balance revenue stability and market share goals.

What do these terms mean?

OPEC+: An alliance comprising traditional OPEC member countries alongside independent producers, most notably Russia, aiming to coordinate oil production policies to influence global prices.

Voluntary Cut: A reduction to which producers voluntarily commit without formal obligation, aiming to reduce oil supply in the market and support price levels.

Production Target: The maximum amount of oil that OPEC+ members agreed to produce; the difference between it and actual production is calculated to measure compliance levels.