OPEC+ has agreed to raise oil production by 548,000 barrels per day in August, accelerating output increases amid geopolitical tensions and pressure from U.S. President Donald Trump to help ease fuel prices.
At its latest meeting on Saturday, OPEC+ announced it will raise oil production by 548,000 barrels per day (bpd) starting in August. This marks a significant acceleration in monthly output hikes, following increases of 411,000 bpd approved for May through July.
The decision comes after a period of volatile oil prices triggered by Israeli and U.S. strikes on Iran. OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, had been cutting production since 2022 to support global oil prices. But in 2025, the group shifted strategy to reclaim market share amid rising output from rival producers such as the United States.
The upcoming increase will come from eight members: Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan, and Algeria — the same group that began unwinding 2.2 million bpd in voluntary cuts starting in April.
OPEC+ cited a stable global economic outlook and tight oil inventories as justification for the production boost. The group has now restored 1.918 million bpd of its initial 2.2 million bpd reduction, with just 280,000 bpd remaining. Additionally, the UAE has been allowed to increase production by 300,000 bpd separately.
Tensions have emerged within the group after some members, including Kazakhstan and Iraq, exceeded production targets, raising concerns among those maintaining cuts. Kazakhstan, in particular, returned to record-level output last month.
Despite this increase, OPEC+ still maintains a separate set of cuts amounting to 3.66 million bpd. The coalition will reconvene on August 3 to assess further action.
Pakistan’s military chief is heading to Iran for talks as Islamabad pushes for dialogue between Tehran and Washington, while reaffirming its ...
The European Union has warned that Georgia's bid to ban five major opposition parties threatens political freedoms and fair competition, as the...
Ukrainian President Volodymyr Zelenskyy has arrived in Norway for talks about the Russia-Ukraine war. He is expected to meet with U.S. President Do...
U.S. President Donald Trump has criticised Ukrainian President Volodymyr Zelenskyy for continuing to target Russia's energy infrastructure, while Russian strikes on Kyiv overnight killed at least one person and damaged a metro station.
Ukrainian President Volodymyr Zelenskyy has arrived in Norway for talks about the Russia-Ukraine war. He is expected to meet with U.S. President Donald Trump's Special Envoy Steve Witkoff, who arrived in Oslo earlier. Witkoff will also meet European officials.
The day after waiving sanctions and tariffs related to Russian exports, U.S. President Donald Trump said on Saturday he has yet to announce a final decision on the matter as Secretary of State Marco Rubio said officials want more time to evaluate the situation.
French President Emmanuel Macron has condemned the violence, looting and vandalism that erupted during cost-of-living protests across France. Prime Minister Sébastien Lecornu held crisis talks on Monday, calling for partial curfews and raising the possibility of a state of emergency.
An oil tanker caught fire after striking a naval mine in the southern part of the Strait of Hormuz, Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy said late Sunday.
Ukrainian President Volodymyr Zelenskyy has arrived in Norway for talks about the Russia-Ukraine war. He is expected to meet with U.S. President Donald Trump's Special Envoy Steve Witkoff, who arrived in Oslo earlier. Witkoff will also meet European officials.
Beijing says it deployed naval forces to monitor a U.S. warship near Sabina Shoal, while Taiwan reports a separate confrontation with a Chinese coast guard vessel near the Pratas Islands.
Tensions are mounting across Asia, with North Korea warning of war, China clashing with the U.S. and the Philippines, and protests gathering pace in Indonesia and India. Military threats, diplomatic disputes and political unrest are fuelling uncertainty across the region.
Canada’s oil-rich province of Alberta voted to remain part of the country in a non-binding referendum on Monday, 19 October, CBC News reports, delivering a much-needed victory for Prime Minister Mark Carney amid an ongoing trade war with the United States.
A Kenyan court has convicted cult leader Paul Mackenzie and 28 co-defendants of murder over the deaths of 191 people, including 190 children, in a case that shocked the world and exposed one of the deadliest cult-related tragedies in recent memory.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment