[Sat, 05 Jul 2025 17:28:22 +0300]

Vienna - Saba:

OPEC+ announced Saturday it will increase oil production by 548,000 barrels per day in August, compared to July levels.

The decision followed a virtual meeting to assess market trends and outlooks. The group cited a stable global economy, declining inventories, and positive market conditions as key factors behind the move.

This increase is part of the phased restoration of the 2.2 million bpd voluntary cuts agreed in December 2024, set to begin in April 2025. The group emphasized that the adjustment remains flexible and could be revised based on market dynamics.

OPEC+ also reaffirmed its commitment to the Declaration of Cooperation and pledged to compensate for any excess production since January 2024.

Facebook

Whatsapp

Telegram

Email

Print

more of (Economy)

Russian Finance Ministry: Moscow backs creation of BRICS guarantee fund to boost investments Oil prices hold steady amid U.S. jobs data, Trump's tariff uncertainty Gold prices stabilize, benefiting from Congressional tax cut decision Japan reaffirms commitment to continue trade talks with U.S. European stocks rise as tensions between Beijing, Washington ease Omani oil price rises by more than $1 per barrel Muscat stock exchange index closes up 0.25% US public debt surpasses $36 T amidst treasury bond volatility: ٌReport Gas Prices in Europe rise by 40% in first half of 2025 compared to last Year Muscat stock exchange index closes 0.28% higher