Vienna: The OPEC+ alliance announced on Saturday its decision to increase oil production by 548,000 barrels per day in August, compared to the current month's required production levels.
According to Jordan News Agency, the group stated that the planned increase remains subject to adjustment or temporary suspension, depending on market dynamics, giving the alliance the flexibility needed to support market stability.
The production hike comes amid a stable global economic outlook and favorable market fundamentals. It is part of the gradual and flexible rollback of the voluntary output cuts of 2.2 million barrels per day, as agreed in December 2024 and initiated in April this year.
OPEC+ includes eight key oil-producing nations: Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.