OPEC+ to Ramp Up Oil Output in August

Member countries produce roughly half of the planet’s oil and have been curtailing output since 2022 to buoy the market.

An oil tanker supplied with oil at the port in Bijaya City, Algeria, in a file photo. FAYEZ NURELDINE/AFP via Getty Images

The OPEC+ group of oil-producing countries stated on July 5 that it would increase oil production by 548,000 barrels per day (bpd) in August.

The increase was announced at the group’s first meeting since oil prices climbed—and then dropped—after Israel and the United States struck Iran’s nuclear facilities last month.