OPEC+ Countries Decide to Significantly Increase Oil Production to Stabilize Global Markets
OPEC+ member countries have taken a decisive step that could greatly influence the global energy landscape. In response to rising demand and the need to support stable prices, eight leading nations of the organization—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—conducted a virtual meeting on July 5, 2025, to discuss future production strategies. Considering previously agreed arrangements and the stable global economic outlook, participants concurred on a substantial increase in oil output, adding approximately 548,000 barrels per day as early as August 2025. This decision forms part of a long-term strategy that envisions a gradual and flexible ramp-up of production starting from April 2025, with provisions for adjustments based on market conditions. The primary goal of this policy is to stabilize prices and prevent sharp fluctuations, maintaining supply levels aligned with demand. Additionally, member countries reaffirmed their commitments to fully adhere to the Cooperation Declaration, including voluntary production adjustments agreed upon for monitoring during the 53rd JMMC meeting on April 3, 2024. They also expressed their intention to compensate for any excess production starting from January 2024. Regular monthly meetings will be held to review market developments, compliance, and compensation measures. The next gathering is scheduled for August 3, 2025, to determine production levels for September, ensuring flexibility to adapt to market changes and maintain alignment with agreed objectives.