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OPEC+ announced a significant oil production hike of 548,000 barrels per day (bpd) for August, accelerating its output increase strategy amid volatile global energy markets. The decision follows recent geopolitical tensions involving Israeli and U.S. strikes on Iran, which caused oil prices to spike before retreating.
This marks the coalition’s first major shift since it began reversing its 2.2 million bpd voluntary cuts in April 2025. The output rise will be led by eight key members: Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan, and Algeria. These producers have been gradually scaling back cuts, with smaller increases of 138,000 bpd in April and 411,000 bpd in the subsequent three months.
With the August boost, OPEC+ will have restored 1.918 million bpd of the original 2.2 million bpd cuts, leaving only 280,000 bpd to be reinstated. Additionally, the UAE received approval to raise its production by 300,000 bpd.
OPEC+ cited robust global economic conditions, strong market fundamentals, and low inventory levels as key drivers behind the move. The group, which controls around 50% of global oil supply, aims to regain market share lost to non-OPEC producers like the United States.
The decision also reflects growing internal pressure, as countries like Kazakhstan and Iraq exceeded production targets in recent months, prompting friction with members adhering to agreed limits.
Despite the latest move, OPEC+ still maintains deeper output cuts totaling 3.66 million bpd. The group’s next review meeting is scheduled for August 3, where further adjustments may be discussed based on market conditions and geopolitical developments.
