US Edition
OPEC+ to boost oil production by 548,000 barrels per day in August
SAUDI ARABIA, JUL 07 – OPEC+ plans to boost output by 548,000 barrels a day in August to reclaim market share amid risks of surplus and falling prices, marking a 33% increase from prior hikes.
- On Saturday, OPEC+ considers boosting output beyond 411,000 barrels a day, with sources citing a larger increase at the virtual meeting.
- Following the virtual meeting, OPEC+ considers larger output hikes driven by Saudi Arabia's eagerness to regain market share amid tensions from Kazakhstan's overproduction.
- OPEC+ alliance considers over 500,000 barrels per day increase, building on previous 411,000 bpd hikes in May–July, sources say.
- Following the news of potential output hikes, Brent futures fell 8.5% in 2025, hurting the US shale industry, according to sources.
- OPEC+ sources indicate a potential larger output increase on Saturday, which could lead to a substantial surplus later this year, with JPMorgan and Goldman Sachs forecasting prices below $60 by Q4.
208 Articles
208 Articles
Washington. Oil prices rose at Monday's closing despite the decision of the OPEC+ alliance to increase production more than expected from August. Brent's North Sea barrel price, for delivery in September, won 1.87% to $69.58. While its US equivalent, West Texas Intermediate barrel, for delivery in August, won 1.39% to $67.93. “The eight participating countries will apply a production adjustment of 548,000 barrels per day in August 2025” compared…
The cartel of oil-exporting countries will increase its production volume more than planned. What does that mean?
OPEC+ boosts output by more than expected
Major oil producers agreed to ramp up output by more than expected despite falling crude prices. The OPEC bloc and its partners have kept increasing production — this time by 550,000 barrels per day — even with prices mired near multi-year lows, officially voicing confidence about global economic prospects and forecasting a strong summer vacation season, a time when car use tends to increase. Yet experts say the persistent steps to raise output …
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- 45% of the sources are Center
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