OPEC’s oil production increased in July, driven by a recovery in Saudi Arabia’s supply and slight gains elsewhere, which offset the ongoing voluntary supply cuts from other members and the broader OPEC+ alliance.

A Reuters survey based on shipping data and information from oil industry sources revealed that OPEC pumped 26.70 million barrels per day last month, an increase of 100,000 barrels per day from June. This rise occurred despite the OPEC+ alliance, which includes OPEC and allies like Russia, maintaining most production cuts until the end of 2025 to support the market amid sluggish demand growth, rising interest rates, and increased U.S. production.

A meeting of senior OPEC+ ministers on Thursday maintained the current oil production policy, including a plan to start easing some production cuts from October.

The ministers emphasized that this increase could be paused or reversed if necessary. The survey found that Saudi Arabia made the largest contribution to supply, adding 70,000 barrels per day, with exports rebounding compared to June, when they were lower than expected. Production reached nine million barrels per day in July, close to the kingdom’s target. Nigeria saw the largest decline, dropping 30,000 barrels per day, with monthly export decreases.

Libya, Iran, and Iraq, which are not required to cut production, registered slight increases. The survey concluded that Iran’s production reached 3.22 million barrels per day, the highest since 2018. Iraq’s production also rose with increased monthly exports, according to oil flow data and a source in tanker tracking.