Vienna - Saba:
OPEC announced that eight OPEC+ member countries have decided to accelerate the lifting of voluntary oil production restrictions and agreed to increase production by 548,000 barrels per day starting next August.
Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman decided to accelerate the lifting of voluntary oil production restrictions, according to the statement.
The eight countries began implementing a gradual lifting plan last April, increasing their production by 411,000 barrels per day in May, and allowing similar increases in June and July.
The statement added that "the concerned countries will adjust their production in August by an increase of 548,000 barrels per day compared to the level set for July 2025."
It is worth noting that OPEC+ countries are keeping pace with changes in energy demand in a manner consistent with balancing international needs and stabilizing the energy market.