A coalition of eight OPEC+ countries, including Russia and Saudi Arabia, is poised to ramp up oil production once again. According to current estimates, their combined output is expected to increase by 548,000 barrels per day in August.

At the start of 2024, these eight OPEC+ members — Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria, Oman, and Kuwait — committed to a joint voluntary output cut of 2.2 million barrels per day. However, beginning in April, the group started gradually restoring some of those volumes to the market. Production rose by 138,000 barrels per day in April alone, followed by monthly increases of 411,000 barrels per day from May through July.

In August, the bloc is set to lift production by 548,000 barrels per day, essentially combining four months' worth of planned increases into one. OPEC+ stated that the decision was supported by "solid market fundamentals," pointing to persistently low global oil inventories.

Meanwhile, seven of the eight participating nations remain obligated to compensate for prior overproduction during the voluntary cuts. The volume of such compensatory reductions for August stands at 501,000 barrels per day. Accounting for these adjustments, the net increase in OPEC+ output is projected to reach 502,000 barrels per day.