Low global oil stockpiles were a major motivating factor in prompting OPEC+ members to raise production by 548,000 barrels per day in August at the group’s meeting on Saturday, the Russian government said in a statement.
The group, which pumps about half of the world’s oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pumped more to help keep gasoline prices lower.
“Taking into account the robust global economic outlook and current market conditions reflected in low oil inventories, they (eight OPEC+ members) agreed to make a production adjustment of 548,000 barrels per day in August 2025,” the Russian government said.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, wants to expand market share amid growing supplies from rival producers like the United States, sources have said.
The group will next meet on August 3.
(Writing by Lucy Papachristou; Editing by Sharon Singleton)