Today's Edition
VIENNA (WAM)
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 - namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman - met virtually on July 5, 2025 to review global market conditions and outlook.
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the eight participating countries will implement a production adjustment of 548 thousand barrels per day in August 2025 from the July 2025 required production level.
This is equivalent to four monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.
The eight OPEC+ countries also noted that the measure will provide an opportunity for the participating countries to accelerate their compensation.
The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024.
They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The countries will meet on August 3, 2025 to decide on September production levels.
Saudi Arabia, Russia and six other key members of the OPEC+ alliance on Saturday said they would further increase oil output in August to 548,000 barrels per day.
Analysts had expected the alliance to decide on another output increase of 411,000 bpd -- the same target approved for May, June and July.
The group said in a statement that “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories” led to the decision to further raise output.
The meeting comes after a 12-day conflict between Iran and Israel, which briefly sent prices above $80 a barrel.
Oil prices have been hovering around a low $65-$70 per barrel.
