Production Hike
Eight members of OPEC, allies agree to hike output by 548,000 bpd in August
This story was originally published at 09:29 IST on 7 July 2025
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MUMBAI - Eight member nations of the Organization of the Petroleum Exporting Countries and its allies have agreed to increase production by 548,000 barrels per day in August, according to an official statement by the cartel after a virtual meeting Saturday.
This is equivalent to four monthly increments and will see key member states, Saudi Arabia and Russia, increase production, according to the release. "The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability."
Market participants had expected the cartel to raise production by a similar amount of 411,000 barrels per day as it had done for May, June and July. The larger-than-expected production hike has weighed on crude oil prices. At 0821 IST, the most-active August crude oil contract on the NYMEX was down 1.6% at $65.94 per barrel.
The eight members of OPEC and its allies--Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman--had announced the gradual unwinding of the voluntary production cuts in March. These countries will meet on Aug. 3 to decide on the production levels for September, the cartel said.
The following shows the required production by each of the eight member nations in August compared with July in thousand barrels per day:
|
Country |
Required production in August |
Required production in July |
|
Algeria |
948 |
936 |
|
Iraq |
4,171 |
4,122 |
|
Kuwait |
2,518 |
2,488 |
|
Saudi Arabia |
9,756 |
9,534 |
|
UAE |
3,272 |
3,169 |
|
Kazakhstan |
1,532 |
1,514 |
|
Oman |
792 |
782 |
|
Russia |
9,344 |
9,240 |
End
US$1 = INR 85.67
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Subhojit Sarkar
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