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.
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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.