OPEC+ Fast-Tracks August Oil Production
(MENAFN) OPEC and its partner nations, collectively referred to as OPEC+, revealed on Saturday their plan to raise oil production by 548,000 barrels per day (bpd) in August—an accelerated increase compared to July’s 411,000 bpd rise.
This move reflects the ongoing strategy to gradually roll back the latest round of output restrictions. The July production hike had already marked a cautious step towards normalizing supply levels.
The decision was reached during a virtual summit attended by key members such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. During the meeting, these countries assessed current global market dynamics and future prospects, according to a release on the OPEC website.
The group justified the production adjustment by citing "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories," while also warning that the phased increases could be halted or reversed if market conditions change.
Originally implemented in November 2023, the 2.2 million bpd output cuts targeted the first quarter of 2024. These cuts have been extended multiple times, with the latest extension maintaining the limits through the first quarter of 2025.
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