Eight members of OPEC+ will increase oil production by 548,000 barrels per day in August. This decision comes in light of a stable global economic outlook and low oil inventories. The oil prices recently surged due to conflict in the Middle East but have fallen again after a peace deal. OPEC+, led by Saudi Arabia and including Russia, will cumulatively increase production by 2.2 million barrels per day over an 18-month period beginning in April 2026, as initially planned despite previous production delays.
Eight members of the OPEC+ alliance, including Saudi Arabia and Russia, plan to boost oil production by 548,000 barrels per day in August.
The decision comes amid a steady global economic outlook and low oil inventories, which are factors influencing the oil market.
Oil prices spiked recently due to conflict in the Middle East, but have since decreased following a peace deal brokered by the U.S.
The production increase is part of a larger plan to raise output gradually by 2.2 million barrels per day over 18 months.
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