OPEC+ increases oil production by 548,000 bpd in August to regain market share

OPEC+ agrees to increase production by 548,000 bpd in August. The group, comprising major oil-producing nations, aims to regain market share and address rising gasoline prices at the first meeting since recent geopolitical tensions. Eight members, including Saudi Arabia and Russia, will contribute to the production boost.

August’s output increase marks a significant rise from previous monthly increments approved by OPEC+. The decision is based on a positive global economic outlook and strong market fundamentals, including low oil inventories. Some members exceeding production targets have prompted the acceleration in output increases.

OPEC+ seeks to expand market share amidst competition from other oil producers like the United States. The group has released 1.918 million bpd since April, with a remaining 280,000 bpd to be added from the initial 2.2 million bpd cut. Additionally, the UAE has been permitted to raise output by 300,000 bpd.

Despite the production boost, OPEC+ still maintains cuts totaling 3.66 million bpd. The group of eight OPEC+ members will convene again on August 3 to assess market conditions and future production strategies.

Read more at Yahoo Finance: OPEC+ speeds up oil output hikes, adds 548,000 bpd in August