OPEC+ to Ease Oil Cuts in August as Market Stabilizes

Eight key OPEC+ member states - Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman - have agreed to implement a partial rollback of their voluntary oil production cuts in August 2025, citing a stable global economic outlook and supportive market fundamentals.

The decision followed a virtual meeting held on July 5, where the group reviewed global supply and demand trends, The Caspian Post reports, citing foreign media.

The countries reaffirmed their commitment to the gradual and flexible restoration of the 2.2 million barrels per day (bpd) in voluntary cuts announced in April and November 2023.

Beginning in August, the eight producers will collectively increase output by 548,000 bpd from July levels. This figure reflects four incremental monthly increases previously scheduled as part of the December 2024 agreement. However, the group emphasized that adjustments could be paused or reversed in response to changing market conditions.

According to a joint statement, the phased approach is designed to support continued market stability while also allowing countries to compensate for previous overproduction. The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee compliance and progress, as mandated during its 53rd session on April 3, 2024.

Member states also pledged to fully offset any excess production accumulated since January 2024, and agreed to maintain monthly consultations to evaluate market dynamics and conformity.

The next OPEC+ meeting is set for August 3, when members will determine output levels for September.

During the latest talks, Kazakhstan reaffirmed its commitment to the OPEC+ cooperation framework, as it had previously done during the 59th JMMC meeting.