OPEC+ 7 Countries Decide to Increase Daily Output by 188,000 Barrels in August

en.Wedoany.com Reported - The Organization of the Petroleum Exporting Countries (OPEC) said in a statement on July 5 that seven major OPEC+ oil-producing countries have decided to increase daily crude oil output by 188,000 barrels in August, reaffirming their commitment to maintaining market stability. This marks the fifth consecutive month that major oil producers have announced output increases.

Representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting that day to assess the current state and outlook of the global oil market. The post-meeting statement said that the participating countries will cautiously maintain market stability and flexibly adjust production based on market conditions.

Analysts pointed out that the current international energy market situation is complex. As crude oil shipping through the Strait of Hormuz gradually resumes, the earlier geopolitical risk premium has somewhat eased. Combined with the arrival of the global summer peak demand season, the tug-of-war between supply and demand has intensified. Oil producers are balancing market expectations through gradual output increases to avoid sharp price fluctuations, and the modest output increase aligns with the prevailing market expectations.

OPEC+ consists of OPEC member countries and non-OPEC oil producers such as Russia. In March 2025, the above seven countries, together with the United Arab Emirates, which has since withdrawn from OPEC, jointly decided to gradually increase crude oil output starting April 1 of the same year. Subsequently, the eight countries maintained monthly output increases until December. From January to March 2026, the eight countries suspended output increases due to seasonal factors. In March, the eight countries announced they would resume output increases starting in April. On May 1, the United Arab Emirates officially withdrew from OPEC and OPEC+.