OPEC+ countries agreed to increase oil production in August

Eight OPEC+ member countries have agreed to increase oil production by 548,000 barrels per day in August 2025, thereby ending production restrictions. This was reported on the organization's website on July 5.

It is reported that we are talking about Russia, Saudi Arabia, the United Arab Emirates (UAE), as well as Kuwait, Oman, Iraq, Kazakhstan and Algeria.

OPEC+ cites stable global economic prospects and healthy market fundamentals as the reasons for the increase in production.

In addition, the members of the organization will meet on August 3 to decide on production levels in September.

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On June 20, Russian President Vladimir Putin drew attention to the depoliticized nature of OPEC's work. According to him, the nature of the organization's work is aimed both at ensuring the interests of energy producers and at ensuring the sustainability of global energy markets in general.