The OPEC+ group of eight countries will boost oil production in August, according to a joint communiqué issued by member states following their July 5 meeting. The production cap was raised for Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. These countries agreed to increase oil output by 548,000 barrels per day compared to July.

This increase is equivalent to four monthly production hikes agreed upon in the spring of this year. In 2023, OPEC+ countries had cut oil production by 2.2 million barrels per day, but in the spring of this year, they reached an agreement to gradually lift those restrictions..

Since May, OPEC+ members have raised production by 411,000 barrels per day, with the same amount approved for monthly increases in June and July.

Meanwhile, the U.S. Energy Information Administration (EIA) has updated its forecast for the average daily global production of liquid hydrocarbons for 2025–2026. According to APA-Economics, citing EIA’s monthly report, the average daily global production of liquid hydrocarbons is expected to reach 104.61 million barrels this year — 0.26 million barrels more than the previous forecast.