Eight OPEC+ countries, including Iraq, confirmed a strong oil stability plan during a virtual meeting. They agreed to raise oil production by 548,000 barrels per day in August 2025. This increase follows steady market trends and a stable global economy.
The group includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. These nations continue working together to manage global oil supplies. Their joint decision marks the start of a gradual phase-out of earlier voluntary production cuts.
The original cuts totaled 2.2 million barrels per day. OPEC+ introduced these reductions in April and November 2023. They later confirmed the plan on 5 December 2024. Now, the group is taking cautious steps to bring those barrels back into the market.
The August increase is the first of four steps. Each month will see a small rise in production. However, the group kept the door open to pause or reverse the plan. This flexibility allows them to react quickly to any changes in the oil market.
All eight countries underlined their full commitment to the Declaration of Cooperation. They also promised to compensate for any overproduction that occurred since January 2024. The goal remains to balance the market and avoid major swings in prices or supply.
Low oil inventories and strong economic data helped guide the August decision. OPEC+ expects stable demand to continue through the summer. If conditions change, they can adjust their strategy to maintain stability.
To ensure full compliance, the group will meet each month. The next meeting will take place on 3 August 2025. At that time, they will decide whether to keep raising production for September.
The strong oil stability plan is more than just numbers. It reflects the commitment of Iraq and other partners to avoid price shocks. Iraq, in particular, benefits from the flexible plan. It gives the country room to boost revenue while supporting global balance.
This approach also strengthens unity within OPEC+. Regular reviews help build trust and allow member states to manage oil flows effectively. Iraq’s participation highlights its ongoing role in shaping regional and global energy decisions.
As the phased increases continue, markets will watch closely. Strong coordination and quick responses remain key. Through this plan, Iraq and its partners aim to keep oil markets calm and steady.