BARRELS RETURN AS PRICES RETREAT
OPEC and its partners added more than a million barrels a day to the market in July, just as the OPEC Basket posted its steepest monthly drop of the year. AI Genrated Theme Image The Organisation of the Petroleum Exporting Countries (OPEC) and its partner producers within the Declaration of Cooperation (DoC) raised crude output by 1.42 million barrels per day in July, bringing combined production to 37.66 million barrels per day, according to the latest OPEC Monthly Oil Market Report released on August 12, 2026. OPEC's own members accounted for the bulk of the increase, lifting output by 1.66 million barrels per day to 23.63 million barrels per day, with Saudi Arabia, Iraq and Kuwait leading the return of barrels previously held off the market under the group's voluntary restraint arrangement. Saudi Arabia's production rose by 590,000 barrels per day, Iraq's by 665,000 barrels per day and Kuwait's by 393,000 barrels per day, figures that mark one of the more rapid u...