<figure id="attachment_3049860" aria-describedby="caption-attachment-3049860" style="width: 1600px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-3049860" src="https://media.freemalaysiatoday.com/wp-content/uploads/2025/05/07b1985f-opec-epa-030525.webp" alt="Opec+ EPA 030525" width="1600" height="1000" /><figcaption id="caption-attachment-3049860" class="wp-caption-text">The wider OPEC+ group&#8217;s decision to significantly raise production since May has seen oil prices plummet. (EPA Images pic)</figcaption></figure>
LONDON: Saudi Arabia, Russia and six other key members of the OPEC+ alliance said today they would further increase oil output in August to 548,000 barrels per day.
Analysts had expected the alliance to decide on another output increase of 411,000 bpd – the same target approved for May, June and July.
The meeting comes after a 12-day conflict between Iran and Israel, which briefly sent prices above US$80 a barrel amid concerns over a possible closing of the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world&#8217;s oil supply.
The wider OPEC+ group – comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies – began output cuts in 2022 in a bid to prop up prices.
But in a policy shift, eight alliance members spearheaded by Saudi Arabia surprised markets by announcing they would significantly raise production from May, sending oil prices plummeting.
Oil prices have been hovering around a low US$65 to US$70 per barrel.

MatchPoint Times

OPEC+ to hike petrol output to 548,000 bpd in August

Analysts had expected the alliance to decide on another output increase of 411,000 bpd, as approved for May, June and July.

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