The OPEC Plus Alliance raises its oil production amid positive indicators in the market

The OPEC Plus Alliance announced its decision to increase oil production from next August by 548 thousand barrels per day, compared to the level of production approved during the month of July.

The coalition said in a statement issued today, that this increase falls within a flexible plan to restore production levels, noting that the decision remains subject to modification or temporary suspension in accordance with the developments of the oil market, in order to enhance the coalition’s ability to support the stability of global markets.

The statement pointed out that the move comes in light of positive indicators for the performance of the global economy and the foundations of the coherent market, and based on the previous agreement reached in December 2024, regarding the gradual raising of voluntary production amendments of 2.2 million barrels per day, which began to be implemented from last April.

The OPEC Plus alliance includes eight oil producing countries: Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and the Sultanate of Oman.