Kazakhstan gets 10,000 bpd quota hike as OPEC+ raises July output targetSeven OPEC+ countries have agreed to increase their July oil production quota by 188,000 barrels per day (bpd), the group said in a statement.The alliance's total July quota will be 35.83 million bpd, not including compensation cuts from countries that have overproduced.The next ministerial meeting of the seven countries is scheduled for July 5.Saudi Arabia and Russia, the deal's leaders, can raise output next month by 62,000 bpd each, to 10.353 million bpd and 9.824 million bpd respectively. Iraq can increase production by 26,000 bpd to 4.378 million bpd, Kuwait by 16,000 bpd to 2.644 million bpd, and Algeria by 6,000 bpd to 995,000 bpd.Kazakhstan's quota rose by 10,000 bpd to 1.609 million bpd, and Oman's by 5,000 bpd to 831,000 bpd. Both countries had previously been on compensation schedules for overproduction, with their latest plans submitted to OPEC in April and running through June.The compensation period will be extended through the end of 2026, according to the meeting's communique.The seven countries, originally eight, but the UAE has left the deal, meet monthly as only their quotas are being adjusted. Since April, they have resumed the gradual quota increases that had been paused in the first quarter. The process aims to return 1.65 million bpd to the market (1.5 million bpd excluding the UAE's share), leaving about 400,000 bpd still to be restored after the July increase.Despite the higher quotas, actual OPEC+ production remains below target because not all members can increase output. Among the seven, Russia has not reached its allowed level since November. Meanwhile, the Middle East conflict has forced Saudi Arabia, Iraq and Kuwait to cut significantly — their combined April production was 8.3 million bpd below their allowed levels. Kazakhstan, however, continues to substantially exceed its quota. (ICE ALMATY)

Fonte notizia: INTERFAX