Oil prices will decline significantly in the coming months as rising OPEC+ output drives a large buildup in inventories, the U.S. Energy Information Administration (EIA) said

The schedule indicates that in total the members need to deliver monthly cuts ranging from 190,000 barrels per day to 829,000 bpd to comply with output targets

Oil prices fell by about 2% ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October

The Organization of the Petroleum Exporting Countries pumped 27.38 million barrels per day last month, up 270,000 bpd from June’s revised total, the survey showed

OPEC+ has decided to increase its crude oil supply by 547,000 barrels per day (bpd) starting September 1, thus completing the restoration of the 2.2 million barrels per day (mbpd) that was withdrawn from the market in 2023

In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecasts for global oil demand growth unchanged for 2025 and 2026, following reductions in April, stating that the economic outlook remained robust

The increase in OPEC+ oil production is not leading to a buildup in inventories, indicating that global markets remain in demand for more crude, ministers from OPEC nations and executives from major Western oil companies stated

OPEC+ agreed to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and U.S. attacks on Iran

Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday as they seek to regain market share

The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.75 million barrels per day (bpd) last month, 150,000 bpd more than in April, according to the survey, with Saudi Arabia posting the largest increase