OPEC+ countries announced an increase in oil production by 548 thousand barrels per day in August

The Organization of the Petroleum Exporting Countries (OPEC) and its allies have decided to accelerate the increase in oil production in August by 548,000 barrels per day. This is stated in the official statement of the organization, writes UNN.

Eight participating countries will implement a production adjustment of 548,000 barrels per day in August 2025 from the required production level in July 2025. This is equivalent to four monthly increases

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman noted that this step will provide participating countries with the opportunity to accelerate the compensation process. The eight countries reaffirmed their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary production adjustments that were agreed upon for monitoring.

It is noted that the meeting participants agreed to hold monthly meetings to review, among other things, market conditions. The eight countries will meet on August 3 to determine production levels in September.

Recall

As UNN previously wrote, Brent and WTI oil prices fell amid Iran's reaffirmation of its commitment to nuclear non-proliferation and expectations of increased OPEC+ production. The US plans to resume nuclear talks with Iran next week.