Loading prices...

Register/Sign in
oilmonster
Crude Oil July 07, 2025 07:50:23 AM

OPEC+ Reached Agreement to Boost Oil Output

Anil
Mathews
OilMonster Author
The oil prices had witnessed a sharp surge last month following fears of supply disruption in the Strait of Hormuz.
OPEC+ Reached Agreement to Boost Oil Output

SEATTLE (Oil Monster): An agreement to increase oil output was reached by the Organization of Petroleum Exporting Countries and its partners, or OPEC+. The decision was motivated by low oil inventories and stable global economic conditions, according to the coalition of oil-producing countries.

As a result, an increase of 548,000 barrels per day in oil output has been agreed upon for August 2025. At Saturday's first virtual meeting of OPEC+ members, the decision was made. This is more than the 411,000 barrels per day rise from the previous month.

ALSO READ:

Oil Settles Up on Signs of Strong Demand, Investors Await OPEC+ Decision

Oil Prices Hit Multi-Week Highs Amid US-China Trade Talks

It should be mentioned that in an attempt to regulate market pricing, the group's member countries have been restricting output since 2022. In December of last year, the members of OPEC+ agreed to gradually increase output by 2.2 million barrels per day from April 2025 until the fall of 2026. It should be mentioned that, as OPEC+ seeks to satisfy growing summer demand, the majority of analysts were anticipating a sixth consecutive monthly output increase.

Last month, there was a dramatic spike in oil prices due to concerns about a disruption in supplies in the Strait of Hormuz. The market has become more volatile as a result.

Production in September 2025 will be evaluated during the OPEC+ countries' next meeting, which is set for August 3, 2025.


×

Quick Search

Advanced Search