OPEC raises crude output by 263,000 bpd to 27.54m in July

The Organisation of the Petroleum Exporting Countries (OPEC) increased crude oil production by 263,000 barrels per day (bpd) in July, bringing total output to 27.54 million bpd, according to its latest Monthly Oil Market Report.

Saudi Arabia, OPEC’s top producer, led the surge with an output boost of 170,000 bpd to 9.53 million bpd, while Iraq posted the largest decline, dropping 51,000 bpd to 3.90 million bpd.

Including non-OPEC producers, total OPEC+ crude production rose by 335,000 bpd to 41.94 million bpd during the same month.

OPEC maintained its 2025 global oil demand growth forecast at 1.3 million bpd, bringing expected total demand to 105.14 million bpd. Most of the growth is projected to come from non-OECD countries, with demand rising by 1.15 million bpd to 59.33 million bpd, while OECD countries are forecast to see a modest 140,000 bpd increase to 45.8 million bpd.

Looking ahead to 2026, demand in non-OECD economies is projected to grow by 1.23 million bpd, with OECD demand expected to edge up by just 15,000 bpd.