OPEC+ members agree larger-than-expected oil production hike in August

On Saturday, the eight oil -producing country of the OPEC+ alliance agreed to raise their collective raw production by 548,00 barrels per day, because a number of voluntary supplying cuts continued to relax quickly.

Algeria, Iraq, Kazakhstan, Kuwait, Oman and United Arab Emirates, as well as heavyweight manufacturers Russia and Saudi Arabia, this subset of the alliance of the alliance came together in the early hours of the day. They were expected to increase their exits less than 411,000 barrels per day.

OPEC Secretary said that the decision to increase the daily production of the countries on August 548,000 barrels of 548,000 barrels “to a stable global economic appearance and existing healthy market foundations”.

Eight manufacturers are applying two voluntary production outages except for the official policy of the wider OPEC+ Coalition.

First, a total of 1.66 million barrels per day are in force until the end of next year.

Under the second strategy, countries have reduced their production by 2.2 million barrels per day until the end of the first quarter.

Initially, until September 2026, they started to increase their production by 137,000 barrels per month, but they continued this tempo only in April. The group then increased the increase in May, June and July to 411,000 barrels per day and accelerates the speed of increases in August.

Oil prices have been briefly increased by the seasonal summer increase in recent weeks and the 12 -day war between Israel and Iran, which threatened the materials of Tehran and expressed concerns about the potential disruptions of the materials carried from Hormuz’s key throat.

At the end of the Friday session, oil-futures transactions reached $ 68.30 per barrel for the September-Expiry Ice Brent agreement and $ 66.50 per barrel for Nymex WTI for the front month.