Eight OPEC+ countries to increase oil production by 548,000 barrels per day starting August
Saudi Arabia and six other OPEC+ members will add 548,000 bpd in August but may pause or reverse the increase if market conditions worsen.
Photo: Zbynek Burival, Unsplash
Eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting to assess the global oil market situation.
Observing stable demand and low inventories, the ministers reaffirmed the decision made on December 5, 2024, to gradually unwind 2.2 million barrels per day of voluntary output cuts.
Starting August 2025, the group will increase production by 548,000 barrels per day from July levels, equivalent to four scheduled monthly increments.
The measure remains flexible: the increase can be paused or reversed if market conditions deteriorate.
The countries also agreed to accelerate compensation for overproduction since January 2024 and will report monthly to the Joint Ministerial Monitoring Committee, which will set September production levels on August 3.
As a reminder, oil prices dropped sharply after Iran’s limited attack on a U.S. base in Qatar, which did not disrupt shipments through the Strait of Hormuz.
Investors had expected greater consequences, but oil supply remained stable.