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OPEC Looking to Regain Market Share with Oil Production Increases, Expert Says
GLOBAL, JUL 09 – OPEC+ producers plan a 550,000 bpd increase in September, fully reversing 2.2 million bpd cuts to meet rising global oil demand during peak travel season.
- OPEC+ unexpectedly agreed to increase their daily oil output by 548,000 barrels in August, which is a larger rise than anticipated ahead of an additional planned boost in September.
- This production boost follows months of gradual cuts unwinding and aims to capitalize on strong summer demand while managing revenue needs among members.
- Market reactions have been muted, with no major inventory buildups despite increased supply; Saudi Arabia also raised crude prices for August cargoes to Asia and Europe.
- Energy Minister Suhail al-Mazrouei noted that despite OPEC+ increasing output over recent months, global inventories have not risen, indicating that the market has absorbed the extra supply and remains in demand of more oil.
- Analysts warn that while near-term tightness remains, the full supply surplus may arise after peak summer demand fades, potentially pressuring prices later this year.
19 Articles
19 Articles
Oil production said to boost over 500,000 barrels per day in August 2025 by OPEC+
ODESSA, Texas (KMID/KPEJ) - 8 members of OPEC+ (Organization of the Petroleum Exporting Countries) say the organization will boost oil production in August 2025, by 548,000 barrels per day. These efforts could further decrease gas prices across the country. Saudi Arabia holds significant influence in OPEC+ as the dominant member of the OPEC producers. Russia is the leading non-OPEC member in the 22-country alliance. According to AAA Texas of Jul…
The Opec plus wants to produce more oil. The increase in production is stronger than expected. For Russia this could mean a significant loss.
OPEC looking to regain market share with oil production increases, expert says
The Organization of Petroleum Exporting Countries (OPEC) continues to boost oil production, with more than 500,000 additional barrels per day set to hit global markets in August, in a bid to regain market share lost to other oil producers, an energy expert says.
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