OPEC+ to boost oil output by 548,000 bpd in August to regain market share

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.

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