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

The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers

Russian Deputy Prime Minister Alexander Novak stated that the OPEC+ group has not yet discussed increasing oil production by an additional 411,000 barrels per day ahead of its upcoming meeting

The OPEC and its allies have agreed to accelerate oil production increases for the second consecutive month, raising output by 411,000 barrels per day (bpd) in June

by 135,000 barrels per day in May.

That would be the second monthly increase under a plan to unwind some of the millions of barrels per day of cuts the group has had in place since 2022

The plan will represent monthly cuts of between 189,000 barrels per day and 435,000 bpd, according to a table on OPEC’s web site. The scheduled cuts last until June 2026

OPEC+ pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group

OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025 and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5