OPEC+ to boost oil output by 548,000 bpd starting August

Shafaq News – Vienna

OPEC announced on Saturday that eight key oil producers will accelerate the lifting of voluntary production curbs, agreeing to boost output by 548,000 barrels per day (bpd) starting in August 2025.

In a statement, OPEC confirmed that Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman will implement higher production levels as part of a coordinated move to increase global supply.

The group said the new quota represents an upward adjustment from July’s output, as the alliance continues to unwind voluntary cuts first implemented in earlier phases of the global oil market’s recovery.

The eight countries began a phased easing of production limits in April, increasing output by 411,000 bpd in May and maintaining similar increments through June and July. August's scheduled rise marks the steepest monthly hike since the easing began.

OPEC+ delegates earlier confirmed a preliminary agreement to accelerate supply increases, aiming to restore market share for the Saudi-led coalition. According to Bloomberg, today's virtual meeting is expected to finalize the move, which will return over 550,000 bpd to the global market—significantly above previous forecasts.