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07/07/2025 03:09 AST
Eight members of the OPEC+ alliance of oil exporting nations say they will boost oil production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.
The decision came after a virtual meeting on July 5, where the group - comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman - reviewed global market conditions and cited a steady economic outlook and low oil inventories as reasons for the increase.
The planned output hike is part of a broader, gradual return of 2.2 million barrels per day of voluntary cuts announced in December 2024. Under that agreement, the eight producers began easing their curbs in April 2025, with the August increase representing the equivalent of four scheduled monthly increments.
OPEC+ emphasized that the gradual ramp-up remains flexible and could be paused or reversed if market conditions warrant. This adaptive approach, the group said, aims to safeguard oil market stability amid evolving global dynamics.
In addition to the production increase, the eight countries reaffirmed their commitment to full compliance with the alliance's Declaration of Cooperation. They also pledged to compensate for any overproduction since January 2024, with oversight provided by the Joint Ministerial Monitoring Committee.
Monthly meetings will continue to assess supply, demand, and conformity. The next gathering is scheduled for Aug. 3, when members will decide on production levels for September.
Khaleej Times
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 68.51 | -0.34 | -0.49 |
| WTI | 67.17 | -0.33 | -0.49 |
| OPEC Basket | 69.85 | 0.06 | 0.09 |
12/07/2025
The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet
Reuters
11/07/2025
Oil prices on Thursday dropped as the latest tariff announcements by US President Donald Trump were perceived by market participants to threaten global economic growth and demand for the resource.
ONA
10/07/2025
Oil prices rose on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea and a forecast for lower US oil production, while uncertainty over US tariff
Reuters
08/07/2025
OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the UAE's move to a larger quota, f
Reuters
03/07/2025
Oil futures were little changed on Wednesday as markets weighed expectations from more supply from major producers next month, a softer US dollar and a mixed bag of economic and market indicators fro
Reuters
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