US EditionOPEC+ to boost oil production by 548,000 barrels per day in August
SAUDI ARABIA, JUL 07 – OPEC+ plans to boost output by 548,000 barrels a day in August to reclaim market share amid risks of surplus and falling prices, marking a 33% increase from prior hikes.
- On Saturday, eight key OPEC+ members agreed during a virtual meeting to increase their crude oil output by 548,000 barrels daily starting in August.
- The increase comes as OPEC+ continues to reverse its voluntary output reductions, supported by favorable economic conditions worldwide and healthy oil stock levels.
- The group includes Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, with Kazakhstan producing above its official quota.
- Oil futures settled recently near $68.30 for Brent and $66.50 per barrel for WTI, supported by seasonal demand and a 12-day Israel-Iran conflict threatening key routes.
- This production boost aims to capture market share and accelerate reversal of prior cuts, potentially affecting gas prices despite uncertain future demand.
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214 Articles
Washington. Oil prices rose at Monday's closing despite the decision of the OPEC+ alliance to increase production more than expected from August. Brent's North Sea barrel price, for delivery in September, won 1.87% to $69.58. While its US equivalent, West Texas Intermediate barrel, for delivery in August, won 1.39% to $67.93. “The eight participating countries will apply a production adjustment of 548,000 barrels per day in August 2025” compared…
The cartel of oil-exporting countries will increase its production volume more than planned. What does that mean?
OPEC+ boosts output by more than expected
Major oil producers agreed to ramp up output by more than expected despite falling crude prices. The OPEC bloc and its partners have kept increasing production — this time by 550,000 barrels per day — even with prices mired near multi-year lows, officially voicing confidence about global economic prospects and forecasting a strong summer vacation season, a time when car use tends to increase. Yet experts say the persistent steps to raise output …
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