https://arab.news/2ft3g
RIYADH: Eight members of the OPEC+ alliance of oil exporting nations say they will boost oil production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.
The decision came after a virtual meeting on July 5, where the group — comprising ÂÜÀòÊÓƵ, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — reviewed global market conditions and cited a steady economic outlook and low oil inventories as reasons for the increase.
The planned output hike is part of a broader, gradual return of 2.2 million barrels per day of voluntary cuts announced in December 2024. Under that agreement, the eight producers began easing their curbs in April 2025, with the August increase representing the equivalent of four scheduled monthly increments.
OPEC+ emphasized that the gradual ramp-up remains flexible and could be paused or reversed if market conditions warrant. This adaptive approach, the group said, aims to safeguard oil market stability amid evolving global dynamics.
In addition to the production increase, the eight countries reaffirmed their commitment to full compliance with the alliance’s Declaration of Cooperation. They also pledged to compensate for any overproduction since January 2024, with oversight provided by the Joint Ministerial Monitoring Committee.
Monthly meetings will continue to assess supply, demand, and conformity. The next gathering is scheduled for Aug. 3, when members will decide on production levels for September.