MOSCOW, August 1. /TASS/. Eight OPEC+ countries, including Russia and Saudi Arabia, will continue boosting their output in August, with the increase totaling 548,000 barrels per day (bpd).

Since the beginning of 2024, eight OPEC+ countries (Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria, Oman and Kuwait) have voluntarily reduced oil production by a total of 2.2 mln barrels per day (mbd). Since April 2025, those countries have gradually started to return the reduced barrels to the market. The volume of production increase amounted to 138,000 bpd in April, and 411,000 bpd for each month from May to July.

For August, the eight countries agreed to increase production by 548,000 bpd at once, which is equivalent to the original plan to boost production in four months. OPEC+ emphasized that the decision was made against the backdrop of the current stable fundamental factors on the oil market reflected in low global reserves.

That said, seven out of eight OPEC+ countries have obligations to compensate for excess production allowed during the period of voluntary reductions. The volume of compensation for August totals 501,000 bpd, according to the schedule posted on the OPEC website. Taking this data into account, the actual volume of production growth of the eight OPEC+ states in August is expected at 502,000 bpd.