Seven OPEC+ nations have agreed to raise their collective oil output by 188,000 barrels per day for August, continuing a cautious unwinding of previous supply cuts to ensure global energy market stability.
The organisation’s leading producers, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, decided to implement the production adjustment after a review of shifting macroeconomic conditions and global demand forecasts.
Under the revised August schedule, oil heavyweights Saudi Arabia and Russia will absorb the lion’s share of the boost, with each nation slated to increase their respective daily output by 62,000 barrels.
The remaining volumes will be split among the other five cartel members, including Iraq, adding 26,000 barrels and Kuwait, boosting supply by 16,000 barrels per day.
In a joint statement released via the Organization of the Petroleum Exporting Countries (OPEC), the alliance emphasised that the output shift would remain flexible and data-dependent.
“The countries will continue to closely monitor and assess market conditions,” the group stated.
They reaffirmed the importance of “retaining full flexibility to increase, pause or reverse the phase-out of the voluntary production adjustments” if global market dynamics rapidly deteriorate.
Furthermore, the seven member nations reiterated their focus on strict compliance, pledging to fully compensate for any historical overproduction that has occurred since January 2024.
The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee these individual production quotas to ensure total transparency across the bloc.
The decision marks a continuing effort by the oil-producing nations to navigate volatile global pricing, following several years of aggressive supply interventions. The production boost is the fifth consecutive increase since the group cut output in April and November 2023.
The group confirmed they will transition to a monthly meeting schedule to scrutinise market compliance, with the next virtual gathering scheduled for August 2.
