Vienna: OPEC+ announced Saturday it will increase oil production by 548,000 barrels per day in August, compared to July levels. According to Yemen News Agency, the decision followed a virtual meeting to assess market trends and outlooks. The group cited a stable global economy, declining inventories, and positive market conditions as key factors behind the move. This increase is part of the phased restoration of the 2.2 million barrels per day voluntary cuts agreed in December 2024, set to begin in April 2025. The group emphasized that the adjustment remains flexible and could be revised based on market dynamics. OPEC+ also reaffirmed its commitment to the Declaration of Cooperation and pledged to compensate for any excess production since January 2024.
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