OPEC+ Nations Increase Oil Production

Eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on July 5, 2025, to assess global oil market conditions. The group announced a production adjustment of 548MB/d for August 2025. This adjustment is equivalent to four monthly increments.

The decision reflects a steady global economic outlook and current market fundamentals, including low oil inventories, stated OPEC. It also aligns with a Dec. 5, 2024, agreement to begin a gradual and flexible return of 2.2MMb/d in voluntary adjustments, starting April 1, 2025. The group stated that these gradual increases could be paused or reversed based on evolving market conditions to support oil market stability.

Participating countries also noted this measure provides an opportunity to accelerate their compensation. They reiterated a collective commitment to full conformity with the Declaration of Cooperation, including additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC). The eight nations confirmed their intention to fully compensate for any overproduced volume since January 2024. Monthly meetings will be held to review market conditions, conformity, and compensation, with the next meeting scheduled for Aug. 3, 2025, to determine September production levels.