OPEC+ countries to increase oil production in August

The seven OPEC+ countries agreed to increase oil production in August during an online meeting on July 5.

This was reported by the OPEC+ press service.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will increase oil production by up to 188 000 barrels per day as part of additional voluntary adjustments announced in April 2023.

The process will be overseen by a Joint Ministerial Monitoring Committee. As part of this process, countries will meet monthly to review new market conditions. The next meeting is scheduled for August 2, 2026.

• OPEC+ oil production fell to 33.13 million barrels per day in May from 42.77 million barrels in February. The reason was the outbreak of war between the United States, Iran and Israel.
• Then the United States blocked Iranian ports, and Tehran closed the Strait of Hormuz (through which almost a fifth of the worldʼs oil exports pass). This led to a record increase in oil prices.
• After Iran and the United States held talks and agreed on a roadmap that is expected to lead to a final deal within 60 days, oil prices began to fall. As of July 2, Brent crude futures had fallen to $70.80 per barrel, while US WTI had fallen to $67.74.

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