OPEC+ increases oil production by 548 thousand b/d

In August, eight OPEC+ countries, including Russia and Saudi Arabia, plan to increase oil production by 548 thousand bpd.

Earlier, since the beginning of 2024, these countries, including Iraq, the United Arab Emirates, Kazakhstan, Algeria, Oman and Kuwait, voluntarily reduced oil production by a total of 2.2 million bpd. However, since April 2025, countries have gradually begun to return to the market the volumes that were previously cut. In the first month, the volume of growth amounted to 138 thousand b/d, and in the period from May to July, the monthly increase reached 411 thousand b/d.

A more significant adjustment was agreed for August: production will increase by 548 thousand bpd. This indicator corresponds to the initial growth plan for the four-month period. OPEC+ notes that the decision is due to the stable fundamentals of the oil market, including the low level of global reserves.

However, seven of the eight countries in this group still have obligations to compensate for overproduction recorded during the period of voluntary restrictions. According to the published schedule, the volume of compensation for August is estimated at 501 thousand bpd. Thus, if these commitments are taken into account, the actual increase in production will amount to 502 thousand bpd.