A group of eight oil-producing nations within the OPEC+ alliance has agreed to raise their collective production by 548,000 barrels per day in August, exceeding initial expectations. The decision was made after a digital meeting among Russia, Saudi Arabia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates.
These countries had been reducing their production under two separate voluntary agreements, aiming to boost output by 137,000 barrels per day every month until September 2026. However, they only sustained this pace in April before tripling the hike to 411,000 barrels per day for May, June, and July.
The eight producers are now accelerating their increases in August, which will take effect on August 1st. This move is attributed to a “steady global economic outlook and current healthy market fundamentals,” according to the OPEC Secretariat.
As oil prices continue to fluctuate due to seasonal demand and supply disruptions, this decision may impact the market. The latest oil futures prices settled at $68.30 per barrel for Ice Brent and $66.50 per barrel for U.S. West Texas Intermediate crude.
Source: https://www.cnbc.com/2025/07/05/opec-members-agree-larger-than-expected-oil-production-hike-in-august.html