Overview

• Eight OPEC+ members—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman—will implement the 548,000-barrel daily increase from August 1
• The boost equals four months of previously scheduled 137,000-barrel monthly increments to reverse part of the 2.2 million-barrel cut enacted in 2023
• Iran, Venezuela and Libya remain exempt from the adjustment due to sanctions and production constraints
• Ministers approved the one-off surge in a brief ten-minute telematic meeting held a day earlier than planned
• OPEC+ will reconvene on August 3 to reassess market trends and determine production levels for September