OPEC+ to boost oil production even more than expected in August

Futures Movers

Published: July 6, 2025 at 4:06 p.m. ET

The Organization of the Petroleum Exporting Countries and its allies announced Saturday they will increase oil production by a larger-than-expected amount in August, as part of a continuing effort to reclaim market share by lowering prices.

Eight members of OPEC+, led by Saudi Arabia, said they would hike August’s output to 548,000 barrels a day, up from an already upgraded 411,000 barrels a day in May, June and July. It’s part of a plan to unwind voluntary supply cuts from 2023, and the latest output hike will put crude production on pace to get back up to speed a year earlier than originally planned. The move also serves as a punishment for countries that have been over-producing oil, such as Iraq and Kazakhstan, and an opportunity for oil-producing nations like Saudi Arabia to win back market share from U.S. shale drillers as prices fall.

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