OPEC+ members will increase oil production by 548,000 barrels per day starting this August. This decision comes after months of gradual supply expansion. The move signals a strong push by key producers to regain market share and meet rising global demand.
Eight major oil-producing countries agreed to this coordinated output hike. These nations include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. All of them will raise their production levels next month.
The OPEC+ oil boost continues a strategy that began earlier this year. Since April, OPEC+ countries have followed a phased approach. In May, they lifted production by 411,000 bpd. They then kept similar levels in June and July. Now, the group will deliver its largest monthly increase since the easing process began.
Saudi Arabia and Russia, two of the largest oil exporters, played central roles in forming this new agreement. They pushed for higher output levels to maintain their influence in global energy markets. Iraq also backed the plan, aiming to raise its export revenues amid budget pressures.
Officials say the OPEC+ oil boost reflects improving global demand forecasts. Many economies continue to recover, increasing fuel consumption across multiple sectors. Summer travel in the West and higher industrial output in Asia support the need for more crude oil.
OPEC+ leaders met virtually to confirm the decision. Delegates agreed on the August increase after consulting with energy experts and reviewing market data. The alliance hopes the added barrels will stabilize prices and keep energy inflation in check.
According to industry sources, this boost could help lower market volatility. It may also ease pressure on oil-importing countries facing rising energy costs. Still, the alliance plans to monitor market trends closely.
By returning over half a million barrels per day to the market, OPEC+ aims to strike a balance. The group wants to avoid both supply shortages and price crashes. Experts believe this move shows confidence in global economic recovery.
The OPEC+ oil boost also shows the group’s commitment to coordinated supply management. The alliance continues to adjust its policies based on demand, prices, and geopolitical risks.