The group, which pumps about half of the world's oil, has
been curtailing production since 2022 to support the market.
The
group reversed course this year to regain market share and as US President
Donald Trump demanded the group pump more to help keep gasoline prices lower.
The production boost will come from eight members of the
group - Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and
Algeria.
The eight started to unwind their most recent layer of cuts
of 2.2 million bpd in April.
The August increase represents a jump from monthly increases
of 411,000 bpd OPEC Plus had approved for May, June and July, and 138,000 bpd
in April.
OPEC
Plus cited a steady global economic outlook and healthy market fundamentals,
including low oil inventories, as reasons for releasing more oil.
The acceleration came after some OPEC Plus members, such as
Kazakhstan and Iraq, produced above their targets, angering other members that
were sticking to cuts, sources have said.
Kazakh output returned to growth last month and matched
an all-time high.
With the August increase, OPEC Plus will have released 1.918
million bpd since April, which leaves just 280,000 bpd to be released from the
2.2 million bpd cut. On top of that, OPEC Plus allowed the UAE to increase
output by 300,000 bpd.
The group still has in place other layers of cuts amounting
to 3.66 million bpd. The group of eight OPEC Plus members will next meet on
August 03.
Is this the preamble of imposing more restrictions on oil export by Iran?
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