OPEC's eight major oil-producing countries decided to increase production by 548,000 barrels per day in August

 

        Eight major oil-producing countries decided to continue to increase production in August.
        On July 5, local time, the Organization of Petroleum Exporting Countries (OPEC) issued a statement saying that eight major oil-producing countries among OPEC and non-OPEC oil-producing countries decided to increase production by 548,000 barrels per day in August.
Oil extraction (data map)
        Representatives of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman held an online meeting on the same day to discuss the situation and prospects of the international oil market.
        The statement said that in view of the current sound market fundamentals and low oil inventories, the eight countries decided to adjust production. At the same time, the eight countries will flexibly adjust the pace of production increase according to market conditions to maintain the stability of the oil market. The above-mentioned countries increased production by 411,000 barrels per day in July.
        The above-mentioned eight countries announced a voluntary production cut of 2.2 million barrels per day in November 2023. Since then, the production cut has been postponed several times and extended in December 2024 to the end of March 2025. The eight countries decided in March this year to gradually increase oil production from April 1 to reverse voluntary production cuts.