Money and business
Kingdom and OPEC countries+ add 548 thousand barrels of oil per day to its production in August
The eight members of the group held a group "OPEC Plus"Which includes the Kingdom of Saudi Arabia, Russia, Iraq, the Emirates, Kuwait, Kazakhstan, Algeria and Oman, which previously announced additional volunteer amendments in April and November of 2023 AD, a meeting, through visual communication, on July 5, 2025 AD, to review the developments of the petroleum market and its future prospects. The current positive, as evidenced by the decrease in petroleum stocks, and based on what was agreed upon at the December 5, 2024 meeting on the gradual and flexible restoration of voluntary production modifications of (2.2) million barrels per day from April 1, 2025 AD. Increase 548 thousand barrels of oil per day
Increase 548 thousand barrels of oil per day
The participating countries decided to implement a production amendment of (548) thousand barrels per day in August 2025 AD compared to the level of production required in July 2025 AD, which is equivalent to four monthly increases, as shown in the attached table, as these increases are subject to modification or temporary suspension, according to market variables, which gives the group the necessary flexibility to support the stability of the market, as the eight countries noted in OPEC+ Group that this procedure will provide an opportunity for the participating countries to accelerate compensation efforts. The eight countries renewed their commitment to declaring cooperation, including the additional voluntary amendments agreed to monitor them at the fifty -third meeting of the Joint Ministerial Committee to monitor production held on April 3, 2024 AD, and confirmed its intention to compensate for all excessive amounts of production since January 2024. The eight countries will hold monthly meetings to follow up on market developments, the level of commitment, and implement compensation plans, provided that the next meeting will be held on August 3, 2025 AD to take a decision on production levels for the month of September. - For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
Follow Us Related Articles
The participating countries decided to implement a production amendment of (548) thousand barrels per day in August 2025 AD compared to the level of production required in July 2025 AD, which is equivalent to four monthly increases, as shown in the attached table, as these increases are subject to modification or temporary suspension, according to market variables, which gives the group the necessary flexibility to support the stability of the market, as the eight countries noted in OPEC+ Group that this procedure will provide an opportunity for the participating countries to accelerate compensation efforts. The eight countries renewed their commitment to declaring cooperation, including the additional voluntary amendments agreed to monitor them at the fifty -third meeting of the Joint Ministerial Committee to monitor production held on April 3, 2024 AD, and confirmed its intention to compensate for all excessive amounts of production since January 2024. The eight countries will hold monthly meetings to follow up on market developments, the level of commitment, and implement compensation plans, provided that the next meeting will be held on August 3, 2025 AD to take a decision on production levels for the month of September.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
Follow Us
