Vienna: OPEC+ countries have decided to adjust oil output by 548,000 barrels per day in August, compared to the approved oil output for July. This came during a virtual meeting held today to review oil market developments and future prospects.
According to Qatar News Agency, meeting participants noted that the group had previously announced additional voluntary adjustments for April and November 2023, as part of its efforts to support market stability. The group explained that the decision to adjust output for August comes in light of the stable outlook for the global economy and positive market conditions, including declining oil inventory levels. It also reflects the agreement reached at a December 5, 2024, meeting regarding the gradual and flexible restoration of the voluntary output adjustments of 2.2 million barrels per day, effective April 1, 2025.
OPEC+ confirmed that the planned increase in oil output for August is equivalent to four monthly increases, noting that it remains subject to adjustment or temporary suspension, depending on market dynamics. This gives the group sufficient flexibility to support stability and allows participating countries to accelerate compensation efforts.
The eight OPEC+ member countries reiterated their commitment to the Declaration of Cooperation, including the additional voluntary adjustments subject to monitoring, as approved at the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), held on April 3, 2024. They affirmed their commitment to fully compensate for the excess production since January 2024.
The group is scheduled to continue holding monthly meetings to monitor market developments, compliance levels, and compensation plans. The next meeting is scheduled for August 3 to decide on oil output for September.