OPEC+ increases August production target by 548,000 b/d

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) on July 5, 2025, announced it would boost production by 548,000 b/d in August 2025, a larger than anticipated increase and the fourth month in a row for which the organization has announced additional output.

On Monday, July 7, West Texas Intermediate crude prices rose slightly to $67.93/bbl as continued geopolitical risks outweighed the impact of supply-demand balances.

OPEC+ increased output targets by 411,000 b/d in May, June, and July, and the bulk of market participants had expected the same degree of expansion for August. Another 548,000-b/d increase in September would fully unwind the 2.2 million b/d of production cuts put in place in 2023.

ADM Investor Services said the move indicates “a willingness on the group’s part to accept lower prices for larger market share and to put pressure on US production.”