Vienna: The OPEC+ group countries have decided to implement an adjustment in oil production, increasing it by 548,000 barrels per day during August, in comparison to the approved production level for July. This decision was made during the group’s meeting held today via video conference, where they reviewed oil market developments and future prospects.

According to National Iraqi News Agency, participants in the meeting noted that the group had previously announced additional voluntary adjustments for April and November 2023, as part of its efforts to support market stability. OPEC+ explained that the decision to adjust production for August comes in light of the stable global economic outlook and positive market conditions, including declining oil inventory levels. This adjustment also reflects the agreement reached at the December 5, 2024, meeting regarding the gradual and flexible restoration of the voluntary production adjustments of 2.2 million barrels per day, effective April 1, 2025.

The group affirmed that the planned increase in production for August represents four monthly increases, noting that it remains subject to adjustment or temporary suspension, depending on market dynamics. This approach provides the group with enough flexibility to support stability and allows participating countries to accelerate compensation efforts. The eight OPEC+ member countries reiterated their commitment to the Declaration of Cooperation, including the additional voluntary adjustments subject to monitoring, as approved at the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), held on April 3, 2024. They affirmed their commitment to fully compensate for the excess production since January 2024.

OPEC+ countries are scheduled to continue holding monthly meetings to monitor market developments, compliance levels, and compensation plans. The next meeting is set for August 3, where they will decide on production levels for September.