The eight members have agreed to increase production by 548,000 b/d in August, up from a 411,000 b/d increase in July. File Image / Pixabay

Eight OPEC+ members have agreed to increase oil production by 548,000 b/d in August from July’s level, which was higher than market expectations.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, who had previously implemented voluntary cuts beyond OPEC+ targets, confirmed the move during a virtual meeting on Saturday, according to an OPEC statement.

The increase marks an acceleration from the group’s previous monthly hikes of 411,000 b/d in May, June, and July, and 138,000 b/d in April.

With this latest adjustment, the eight members are now on track to increase production by a cumulative 1.91 million b/d, moving closer to the 2.2 million b/d in voluntary increases pledged in December 2024.

The group has cited a steady global economic outlook and healthy market fundamentals, including low inventories, as key reasons to maintain the pace of supply restoration.

ICE August Brent futures traded at $68.28/bl as of 08:44 AM in London, down from $68.30/bl at Friday’s close.