OPEC+ has announced an increase in oil output by 548,000 barrels per day starting in August, surpassing the previous month’s increase of 411,000 bpd.

• Oil output increase of 548,000 bpd will take effect in August.
• OPEC+ includes key players like Saudi Arabia and Russia.
• The decision followed a review of global market conditions and comes after a series of production cuts initially announced in November 2023 and extended through the first quarter of 2025.