Overview

• The 548,000 bpd hike is the biggest monthly increase so far, surpassing prior rises of 411,000 bpd in May–July and 138,000 bpd in April.
• Eight core members—Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria—will supply the additional output.
• Since April, OPEC+ has restored a cumulative 1.918 million bpd of the 2.2 million bpd tranche of voluntary cuts.
• Deeper reductions totaling 3.66 million bpd remain in effect to support wider market stability.
• The group will meet on August 3 to set September production quotas.