Eight OPEC+ countries — including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting today, July 5, to discuss oil market conditions.
The group agreed to a gradual production increase of 548,000 barrels per day (bpd) in August 2025, as part of the phased rollback of the 2.2 million bpd voluntary cuts announced in December 2024 and implemented starting April 2025.
The countries affirmed that these monthly increases remain subject to suspension or reversal depending on market developments, to ensure continued support for oil market stability.
Eight OPEC+ countries — including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting today, July 5, to discuss oil market conditions.
The group agreed to a gradual production increase of 548,000 barrels per day (bpd) in August 2025, as part of the phased rollback of the 2.2 million bpd voluntary cuts announced in December 2024 and implemented starting April 2025.
The countries affirmed that these monthly increases remain subject to suspension or reversal depending on market developments, to ensure continued support for oil market stability.
